Altcoin Market Breaks Year-Long Downtrend: Analyst Weighs Bull Run Potential

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 the altcoin market may be entering an uptrend.

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. This is seen as a positive sign for the altcoin market.

Hyland noted that past patterns could be repeating themselves, with similarities to the 2020-2021 cycle emerging in the current technical structure. However, he emphasized that it's unclear whether this breakout is the start of a true bull trend or just a bear market rally.