- Crypto analyst Mags predicts the altcoin bear market is nearing its end.
- The trade believes the altcoin market is still in the accumulation phase, which may last a few more weeks.
- This is the time to focus on long-term plays and adopt DCA, according to the analyst.
A cryptocurrency trader and analyst identified on Twitter as Mags predicted that the altcoin bear market was nearing its end. According to Mags, the altcoin market was still in the accumulation phase, which may last a few more weeks or months. However, he noted that the worst days were already behind.
Altcoin Marketcap ( #Total2 ) The #altcoin marketcap is still in an accumulation phase, which may last a few more weeks/ months.There might be a little more downside left but imo, the worst is behind us already (most likely )It might seem uninteresting & boring time.… pic.twitter.com/vwfe8hMd8e— Mags (@thescalpingpro) June 17, 2023
Despite Mags’ bullish sentiment, he acknowledged there could be some downward pressure in the altcoin market before a conclusive reversal. He explained his position using a screenshot of the altcoin market cap chart.
The chart showed that the altcoin market cap is nearing a crucial upward trendline that it has respected since 2017. Notably, Mags indicated that the altcoin market cap is already in a sideways trend, heading toward the trendline. That chart formation confirms the accumulation that could precede a significant uptrend.
The analyst noted that the current market situation may seem uninteresting to speculators that thrive on market volatility. However, he emphasized that this is the time to focus on long-term plays and advised crypto traders to adopt the Dollar Cost Average (DCA) approach. DCA is a system where a trader invests an equal amount of funds at regular intervals regardless of the asset’s price.
Mags also advised his followers to “Pump and Dump” meme coins. He asked them to look for coins that could be the next Solana (SOL), Polygon (MATIC), or Ethereum (ETH) for the upcoming bull run. He describes the current market situation as a time for making new millionaires.
The altcoin market cap bounced off significant support at $431.08 billion in December 2022. It is trending sideways after reaching a yearly high of $663.58 billion in April. At the time of writing, its value was $518.82 billion, nearly 70% short of its all-time high. Traders believe the shortfall represents a potential for a significant upside trajectory whenever the bull run kicks in.
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