Where is the Altcoin Market Heading?

TLDR:

• IMO, the altcoin market is in the depression phase of the Wall Street Cheat Sheet.
  
• I expect TOTAL 3 to hold the 300 billion support level and break out of the falling wedge when Bitcoin breaks the 31K resistance level.
  
• Target: 1.11 Trillion.
  

I know that for you to take me seriously I should tell you that all alts are going to zero and that you should ditch altcoins and just trade Bitcoin. Sorry to disappoint you, I think we are on the verge of a breakout.

• Take a look at the recent past. Do you remember what it was like in November and December of 2022? Bitcoin was trading at 15 and 16K and almost everyone on CT was calling for a 10K Bitcoin.
  
• Do you remember the disbelief many of us felt in January of 2023 when all of a sudden Bitcoin became mega-bullish? It still is, but that doesn’t stop all the sidelined traders to keep calling for new bear market lows.
  
• If you feel that the altcoin rally earlier this year was a “sucker’s rally” and now everything will go to zero, just know that we are at the final stages of the altcoin bear market.
  
• How do I know? Just look at this “Psychology of a Market Cycle Cheat Sheet.” We are past the anger phase about the Garry Ganslers of the world and well into depression.
  
• If you missed some or all of the Bitcoin rally the market is giving you a second chance.
  
• Now, to the chart:
  
• The TOTAL 3 market cap chart displays the market cap of all the altcoins excluding BTC and ETH. That includes stables.
  
• We can see that the altcoin market is in a correction since November of 2021. Unlike Bitcoin and ETH, altcoins are still in a bear market. However, the chart formation is that of a Falling Wedge which is a reversal pattern.
  
• TOTAL 3 tried to break out once in April 2023, failed (anger), and went from 406 billion to 292 billion, about a 28% drawdown (depression). However, if you’ll take a look at the Accumulation/Distribution indicator you will see that it did not go down nearly as much. My only conclusion is that someone is picking up alts for cheap!
  
• Theoretically, the altcoin market could remain in this wedge further, even go down as low as the lower support line would allow, and remain bullish (pink dot). However, I think it is unlikely. If the people in the market today were sellers, they would have already sold. Just remember the FUD and depression of late 2022. IMO, alts are at the same point Bitcoin was then.
  
• I think that the 300 billion support level will hold and as bitcoin breaks the 31K resistance level the alts will break out of the wedge. As this cycle progresses towards the halving some bitcoin profits will go into altcoins and later new market participants will fuel the altcoin market further.
  
• IMO, this is the time to accumulate and even take long positions, the best is yet to come. Remember it is always darkest before dawn.
  

(Image retrieved from: fifthperson.com/wp-c...of-Market-Cycles.jpg)