Why Up-Only For 217 Days Is Possible
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A new technical analysis shows that crypto markets (including such as Altcoins) Ethereum (ETH) and Dogecoin (Doge)is about to experience a major Altcoin season that could last 217 days. If key support levels are maintained, analysts suggest we finally see Altcoin season for a long time.
Ethereum and Dogs will soon see Altcoin season
Sporia is a TradingView Crypto analyst who already has shared Detailed technical analysis of the Altcoin market. This analysis highlights the key indicators in the Total 2 chart, which represents the total number Crypto market value does not include Bitcoin. Market experts highlighted the importance of maintaining critical support levels and noted that the highly anticipated Altcoin season could eventually begin if the region is maintained.
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It is worth noting that top cryptocurrencies like Ethereum and Dogecoin can benefit from the transfer of this market to the Altcoin season. Analysts also point out that current market conditions match the Fibonacci time series, which may mark a turning point Altcoin price.
Sporia shares a price chart that describes it as his secret weapon The bottom signal of altcoin. The chart has shown a significant bottom every time the chart encounters resistance at key points since 2022. As of this week, the chart recorded the bottom, marking the fourth hit around the critical resistance area.
The analyst expressed excitement at the trend, cementing his confidence in a strong Altcoin season. He further highlighted the alignment of events, including the formation of key support lines within a week of the Fibonacci time series, indicating that the possibility of A was exacerbated Major market changes.
Sporia revealed while tracking the Fibonacci-based time period that the first two hits did not trigger any significant events, but the third hit led to a significant pivot at the 2.618 level. Currently, this fourth hit at level 3.618 matches the Altcoin crash in August 2024, which reflects the Covid crash In the last cycle. This indicates that the current Fibonacci sequence has a precision of 50%, making it an ideal target for focusing on potential bottoms and pivots.
Altcoin Market Bull Rally lasts only 217 days
Sporia further studied his analysis, predicting Altcoin Markets May Climb On 217 days, peak by October 13, 2025, about 20 to 30 days Bitcoin reaches the top of the expected cycle. He believes that historically, Bitcoin has been hitting the cycle in front of Altcoins.
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In 2021, Bitcoin peaked in April, while the Altcoin market reached 28 days. Similarly, in 2017, Bitcoin reached the top of the market, with the replacement token following 22 days later. In this market cycle, Sporia predicts Bitcoin will reach its peak in mid-September, after a typical 1,050-day cycle Market bottom.
It is worth noting that analysts revealed that the Altcoin market reached 3.618 FIB level last time, its total market value soared to $5 trillion. Overall, Sporia said that as long as key diagonal support is supported, the Altcoin market will be reduced by 99%. If so, he stressed that the market should expect a V-shaped recovery and uptrend to last for 217 days.
Featured images from Unsplash, charts from TradingView.com
