- Crypto analyst predicted that the altcoins could reach $680+B by the end of 2023.
- Bollinger band trend indicator shows a downtrend for the altcoin market cap.
- Alcoin market cap may consolidate between $463B and $700B during the next year.
Crypto Analyst Captain Faibik tweeted that he has been accumulating altcoins for the past 6-8 months, expecting a rally between November and December. As per the analyst’s view, the crypto market cap has been trading inside a falling wedge as shown.
I've been Accumulating Altcoins for the past 6-8 Months, and I'm still Expecting an Altcoin Rally in Nov-Dec, similar to Q1 2023.#Crypto #Altcoins pic.twitter.com/kHWgXY6OvZ— Captain Faibik (@CryptoFaibik) October 16, 2023
Once the falling wedge is completely formed, Faibik expects the altcoin market cap to reach $680B. The analyst expects the market cap to increase by 25% from the upper trend line of the falling wedge. Moreover, the chart below gives more insights into Faibik’s forecast.
Altcoin Market cap/USD 1-Day Chart (Source: Tradingview)
As rightly pointed out by Faibik, the altcoin market cap should spike, given that it breaks out of the falling wedge conventi…
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