Almost every prominent figure in Crypto Twitter has been calling for an alt season over the last few weeks. However, bitcoin’s continued strength has left many crypto tokens bleeding in value against the No. 1 cryptocurrency. Alt season has been canceled time and time again. Those who are waiting for it appear to be waiting in vain. Or, are they?
A well-respected figure in Crypto Twitter offers technical evidence that altcoins appear to be due for a massive rally. The trader expects the total market cap to grow by 50 percent in the coming months.
Bullish Pattern Spotted on the Total Crypto Altcoin Market Cap
A pseudonymous account that goes by the name The Crypto Dog recently took to Twitter to reveal his thoughts on the current state of altcoins. The analyst shared to more than 150,000 followers a chart. It shows how the total altcoin market cap is painting an ascending broadening wedge on the daily chart.
The tweet came with the caveat that the ascending broadening wedge is “certainly not a guaranteed bullish signal.”
However, the trader also noted: