Will The Epic 2017 Altcoin Boom Repeat Soon? Indicators Have Aligned For Something Huge

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Is the market already recovering from its lows?  Various indicators across different time frames, from weekly to medium-term, suggested that the market had likely exhausted its downward trend, as pointed out in the latest analysis by Blockchain Backer. 

The latest discussion stresses the importance of confluence—where multiple indicators align—to gauge market trends. Historical examples, like the anticipation of Bitcoin reaching $12,000, explain the role of emotions in market sentiment. Looking back, previous market bottoms and indicators validate the current analysis, showing power in major altcoins like Ethereum and XRP since June. 

Despite widespread expectations for further declines, signs pointed towards a market that was behaving similarly to past recovery phases. The prolonged talk in 2021 about a completed super cycle and the corrective style were also observed. Retail behavior during this recovery included increased risk-taking, particularly evident in meme coins. 

Signs of Market Behavior

The analyst said that many familiar signals indicating a market bottom had appeared, similar to past cycles. On the flip side, as the market approached higher levels, concerning signals emerged, coinciding with a surge in retail investor confidence. 

He opened up about the challenge of assessing current conditions, especially in altcoins like XRP, given the historical timeframes and market structures observed. Comparing cycles from 2013 to 2017 and recent years, he pointed out that market expansions typically followed similar phases of consolidation and recovery. 

Comparing Historical Cycles

The analyst also pointed to past patterns where big market rallies followed similar structures, like the epic altcoin boom in 2017 with its huge gains. Looking at today’s market, he saw a mix of signs and uncertainties, especially around how risky investors feel and how many are buying different kinds of assets. 

He said it’s crucial to watch for signs that investors are ready to take more risks and more people are getting involved in trading. Historically, these signs have come right before big changes in the market. Even though things are complicated and unpredictable right now, he thought we might be on the edge of something big, if the right things start happening soon.