Cryptocurrency trader and analyst Moustache indicated the technical altcoin chart has changed to green, signaling a 70% potential upside.
What Happened: The analyst noted the Gaussian channel, which changed to green in 2016 and 2020, has historically provided a positive signal for altcoins.
In a separate tweet, he pointed out altcoins have broken out of a Falling Wedge that has been in place for more than two years. He stated, “What's happening now is called bullish consolidation. The first real target is 70% higher from here.”
The Gaussian channel is a three distinct bands indicator. Whenever the price enters this channel from either the upper or lower boundary, it serves as a potential indicator of an impending price reversal.
Why It Matters: While the spot Bitcoin ETF approval did not lead to the expected Bitcoin price rally, altcoins have garnered significant attention.
Additionally, crypto investor, Jelle outlined four stages for the altcoin market cap: accumulation, breakout, post-breakout consolidation and liftoff. “It looks like we are currently in stage 3 (consolidation).”
With Bitcoin and Ethereum stalling post-ETF approval, the recent memecoin frenzy has prompted traders to seek quick profits and outsized gains elsewhere.
Read Next: Report Outlines How To Trade Today's Altcoin Market: 'SOL Will Be Our Main Focus'
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