Altcoin Market Yet to Undergo a Genuine Bull Run, Technical Analysis Suggests

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The altcoin market has not yet entered a true bull market phase in the current cycle, as indicated by an analysis of the total cryptocurrency market capitalization excluding Bitcoin, conducted by Gambardello. His assessment is based on a detailed examination of weekly chart structures, oscillators, and price patterns, which collectively suggest that a significant upward movement remains pending.

Gambardello emphasized, “The bull market has not happened yet,” while analyzing the altcoin market capitalization chart. He further noted that the current technical setup is indicative of a major move still on the horizon, refraining from elaborating on additional factors due to their complexity and volume.

From a technical standpoint, Gambardello highlighted the similarities between the current Relative Strength Index (RSI) readings and those observed prior to previous major market rallies. This alignment suggests that the market is in a preparatory phase, potentially setting the stage for a substantial upward trajectory.

To provide a broader context, Gambardello referenced the monthly chart, which illustrates the historical volatility of previous bull market peaks in comparison to the current market conditions. The current market structure, characterized by “higher highs and higher lows,” is interpreted as a foundational build-up for significant future gains.

Despite recent market pullbacks that have fostered bearish sentiment among some traders, Gambardello maintains a bullish outlook on the overall trend. This optimism is further supported by the improving regulatory environment, which is expected to contribute positively to the market’s long-term growth.

In summary, the technical analysis underscores that the altcoin market has yet to experience its true bull run, with key indicators and chart patterns pointing to a potential major upward movement in the near future.