Altcoin Indicators Break Downtrend, Sparking Bull Market Hopes

According to cryptocurrency analyst Matthew Hyland, key indicators tracking the altcoin market have broken a downtrend that has lasted for over a year. This suggests that a new bull run may be beginning.

The TOTAL2 indicator, which tracks the total market capitalization of altcoins other than Bitcoin, and the TOTAL3 indicator, which excludes Bitcoin and Ethereum, have both broken their downward trends.

These indicators have been in decline for over a year, but recent data shows they are now trending upwards. This has sparked hopes that an altcoin season similar to past bull cycles may be starting.

The analyst also noted that the current technical structure shows similarities to past market movements, and if past patterns repeat themselves, a new altcoin bull run could be of a magnitude exceeding the 2020-2021 cycle.