Analyst Predicts Major Bull Run for Ethereum Classic in 2024

• Ethereum Classic extended accumulation phase suggests potential for a significant bullish cycle.
• An analyst sees Ethereum Classic 1,022-day accumulation as a foundation for major growth potential.

Prominent cryptocurrency analyst Alan Santana on TradingView has underlined what he describes as Ethereum Classic’s “longest accumulation phase ever.” Santana claims that almost three years of accumulation have kept the present price range for ETC alive since January 2022.

A lengthy accumulation period, in his opinion, usually signals a stronger bullish cycle that will lay the stage for notable upward potential.

ETC Current Cycle Mirrors Past Bull Market Trends in Accumulation 

When considering past cycles, Santana makes connections to the bull market for 2018–2021, where ETC’s accumulation phase lasted 805 days. The price dropped in March 2020 throughout that period, and a bull market finally resulted in a startling 5,700% increase from bottom to high by 2021.

Source: Alan Santana on TradingView

Santana particularly notes that the price bottom did not always coincide with the end of consolidation, even when the accumulation phase persisted. With a recent bottom set in June 2022, ETC’s accumulation phase in the current cycle already spans 1,522 days.

With an optimistic forecast of up to 3,500% growth from the June 2022 trough, Santana’s analysis projects possible development for Ethereum Classic at levels of 1,300% to 2,150% on the charts. This, he says, offers ETC a significant chance, especially considering its well-known presence in the crypto space.

Although smaller projects could see even more dramatic expansion, Santana thinks Ethereum Classic is positioned to surprise the market given what he describes as a progressively “friendly market and regulatory environment” for cryptocurrency.

Emphasizing the special market conditions that might support ETC’s performance, he says, “This has never happened before.”

Meanwhile, ETC is trading about $20.09 at the time of writing, having gained 9.43% over the last 7 days, therefore increasing its market cap to about $3 billion.

On the other hand, as we previously highlighted, the Ethereum Foundation just started the Mekong Testnet, a tool for developers and stakers getting ready for the Pectra fork update. The Mekong Testnet offers a useful testing ground for real-world simulations and new feature testing to guarantee a flawless transition to the next fork.