- A prominent trader believes the altcoin market is on the verge of a parabolic breakout.
- His prediction is based on an impending 20-month SMA forming a golden cross on the altcoin market’s monthly chart.
- The analyst claimed such a pattern was rare and signaled the start of a significant bull market each time it occurred.
Amid the bearish trend that rocked the crypto market in the last 24 hours, with digital assets such as BNB taking a major hit, a prominent Bitcoin trader has argued that the overall altcoin market is on the verge of a parabolic breakout.
In a recent tweet, a Bitcoin trader with the X username ‘Moustache’ proclaimed altcoins are now primed for a significant bull run. Moustache’s conviction is rooted in a rare pattern about to form on the altcoin market’s monthly chart.
In particular, the analyst stated that a ‘Golden Cross’ is on the verge of occurring in the monthly chart for the 20-month Simple Moving Average (SMA20) of altcoins. According to Moustache, the expected technical indicator “has only happened twice before in the history of altcoins,” and at both times, …
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