TOTAL2 Approaches 2021 Highs, Suggesting Potential for Major Altcoin Rally
Main Idea
TOTAL2, which tracks the total market capitalization of cryptocurrencies excluding Bitcoin, is nearing its 2021 peak, suggesting a potential major altcoin rally similar to the 2017 breakout.
Key Points
1. TOTAL2 is approaching its 2021 high, mirroring the pre-breakout pattern observed in 2016-2017, indicating a potential altcoin rally.
2. Market analysts note similarities between the current TOTAL2 structure and the 2016-2017 setup, including a Wave 1 advance followed by a correction.
3. A golden cross and strong uptrend in TOTAL2 reinforce the bullish outlook for altcoins.
4. If the pattern repeats, the upcoming rally could surpass previous cycle peaks, similar to the 2017 altcoin season.
5. Technical indicators and analyst observations suggest growing momentum and potential for a decisive breakout in the altcoin market.
Description
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