Altcoin Market Eyes Breakout as Cup and Handle Pattern Signals Major Bullish Momentum

• Altcoin market forms a “Cup and Handle” pattern, potentially leading to a breakout and strong upward price movement.
• Prices rebounded from 375 billion, reaching 1.14 trillion resistance, signaling a potential altcoin market recovery.
• The next price target for altcoins after the breakout could be 2.15 trillion, an 86% increase from the current level.

Crypto analyst El_Crypto_Prof recently shared insights on X, pointing out a potential bullish formation in the altcoin market. The total altcoin market cap has been forming a “Cup and Handle” pattern for nearly three years. If the formation holds, it might lead to a period of growth in altcoins.

Cup Formation in Altcoins

Prices gradually declined to their lowest point around 375 billion in mid-2022 before steadily recovering. The market cap rebounded toward 1.14 trillion, forming a resistance level at the upper edge of the cup.

This shape signals that the altcoin market is recovering from a downturn. Notably, the depth of the cup represents a key measure for potential price targets if the breakout occurs.

Handle Consolidation and Breakout Potential

After the cup formation, a downward consolidation occurred, creating the handle. This consolidation shows a slight dip, with prices retracing between 800 and 850 billion before making another attempt to rise.

The breakout from the handle’s upper trendline appears to be underway, suggesting the possibility of strong upward movement. The pattern is close to completing, with bullish momentum building as the handle’s upper trendline gets tested.

Next Target and Market Implications

The breakout is expected to push the altcoin market toward the next price target. Based on the depth of the cup, the projection indicates a potential market cap of 2.15 trillion. This target, an 86% increase from the breakout point, provides a clear indication of where the market could head. However, intermediate resistance levels, notably around 1.5 trillion, may present challenges before the market reaches this higher level.