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This Model Occurs in Altcoins
While rumors that the SEC will approve a spot Bitcoin ETF in the coming months have kept Bitcoin above $30,000, BTC is now consolidating at $29,000.
While BTC continues to exhibit sideways movements, altcoins that fail to perform as expected from them are waiting for their turn.
The inverted head-and-shoulder pattern is known as one of the most reliable bull technical analysis patterns on the market.
This pattern can be reversed. If it can be reversed, there will be two scenarios.
The first scenario is that the altcoin market cap would fall further from its current level, invalidating a possible reverse head-and-shoulders pattern.
The second scenario is when the altcoin market cap exceeds $300 billion, and after that, altcoins experience a breakdown and begin the altcoin season, when altcoins outperform the biggest cryptocurrencies BTC and ETH. #BountyCreator# #GateioBountyCreator# #NewsMessenger# #GateLive# #contentstar# #MyFancyCreator# #HotTopicDiscussion#