Last chance to get into top altcoins?

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As a seasoned analyst with over two decades of market analysis under my belt, I must say that the current state of Bitcoin and the crypto market presents an intriguing opportunity. The strong recovery from $BTC is a testament to its resilience and the potential for further growth.

After confirming significant horizontal support at around $69,000, Bitcoin (BTC) appears to be rebounding. Could this be the final opportunity to invest in alternative cryptocurrencies before they experience a potential surge?

Strong recovery for $BTC

On Thursday, the stock market experienced some turbulence which also affected Bitcoin and the crypto market, causing prices to drop for a brief period. But, so far on Friday, Bitcoin (BTC) is witnessing a robust recovery, and its all-time high isn’t too far off. Given this situation, it raises the question: could this be one of the final chances to invest in the top-performing altcoins?

Total3 triangle breakout soon

The Total3 chart illustrates the price fluctuations for the aggregate market value of all cryptocurrencies, excluding Bitcoin (BTC) and Ethereum (ETH). It’s noticeable that the altcoin market value has surged beyond its long-term bullish pennant to the upward direction, confirming this breakout.

Despite ongoing concerns about a pattern of successive low peaks, it’s also important to note a robust sequence of increasing bottom valleys. This combination seems to be pushing the price towards the vertex of a triangle, suggesting an imminent break in that formation.

Right now, the market capitalization is solidly supported near a significant line, which forms the base of a triangular pattern. This suggests that a rebound from this point could be quite probable rather than unlikely.

U.S. Dollar Index potential rejection

The strength of the U.S. dollar will always have a say in the crypto market, and currently the U.S. Dollar Index (DXY) has been on a bit of a tear. Over the last few weeks the dollar has gained against a basket of other major fiat currencies. 

It appears that the DXY has touched the downward trendline and might be pushed away from this point. Furthermore, a descending triangle pattern seems to be emerging. If the dollar gets pushed out of its low point, which looks probable, its subsequent weakness could boost the strength of cryptocurrencies.

Still a good time to get into the alts?

In a nutshell, it would have been ideal to invest in robust altcoins around early August, just as Bitcoin hinted at pulling the entire cryptocurrency market towards an early downturn. However, it’s precisely during those periods when things appear bleak and on the verge of collapsing that the best buying opportunities arise.

Understanding the context, Given the current situation, should we consider investing in some of the speedy altcoins? If you have a high risk tolerance and effective risk management strategies, entering the market after a breakout and confirmation for Total3 might yield positive results.

In simpler terms, we’re seeing a significant increase in the amount of money being printed by central banks worldwide, which is likely to continue for several more months. This surge in global liquidity could favorably impact Bitcoin, and certain other digital currencies (altcoins) might perform exceptionally well under these conditions.

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2024-11-01 15:11