In a video posted on Dec. 21, the crypto market analyst behind the popular YouTube channel Crypto Banter shared his bullish outlook on the altcoin market.
The analyst points to the total cryptocurrency market cap excluding Bitcoin (BTC) and Ethereum (ETH) breaking above key resistance levels. In his view, this signals that altcoins are ready to enter a new bull market phase.
I’m seeing over the next few weeks [an] acceleration of us going from 480 billion [of total market cap not including BTC and ETH] all the way to the areas of 630 billion as target one. So this for me is giving me an indication as as all coins as a whole, you know Looking at the regions of around 30%
Crypto Banter
The analyst believes this altcoin breakout could fuel rallies of 100-300% in top altcoins over the coming weeks. However, he cautions that not all altcoins will move together, as investor interest rotates between various sectors like DeFi, gaming, infrastructure projects, and more.
Some of the top altcoins the analyst is watching closely due to bullish chart patterns and fundamentals include Avalanche (AVAX), Solana (SOL), Cardano (ADA), Phantom (XPH), Chainlink (LINK), Near Protocol (NEAR), Pancakeswap (CAKE), and Uniswap (UNI) among others. He advises traders to take profits on big rallies and “be stingy” about holding altcoins too long.
