Those long-hauled within crypto have started to express optimism, based on technical indicators, on a bullish 2024 for altcoins. One among those, a trader, has urged market participants to disregard fear, uncertainty, and doubt (FUD) ahead of the “most important FOMC meeting in years.”

“I wouldn’t be shaken out of the market here ahead of the most important FOMC-Meeting in years. Altcoins have formed a huge cup & handle pattern over the years. 2024 = ,” Moustache stated.

According to his chart, altcoins have formed a “Cup and Handle” pattern over the years, suggesting a bullish trend for 2024. The altcoin market showed significant changes from 2021 to 2024 based on yearly movement.

After the market peaked in May 2021, a decline followed, forming the cup’s left side. This downtrend continued into 2022, reaching the bottom around the third quarter. A gradual recovery then began, forming the right side of the cup. A full rise was completed in 2023, with a slightly downward or sideways trend forming the handle.

The handle formation was completed in mid-2024, suggesting an imminent breakout. With the market nearing its breakout point, the handle shows a consolidation phase with a slight downward or sideways trend. This visual data indicates a potential breakout, with the projected target set at 2.467 trillion.

Furthermore, the chart suggests a bullish pattern, with the potential for significant upward movement following the breakout. Besides, the next FOMC meeting at the end of July 2024 could influence the market.

Dan Raju, CEO of brokerage platform Tradier, stated, “The truth is that crypto prices have proven to be impacted by the same directional sentiment that impacts retail stock investors. In general, high interest rates scare investors away from riskier investments like crypto, and the lowering of rates will be seen as a positive by the crypto investor community.”

The Fed has maintained rates at 5.25%- 5.50%, providing relief to the banking sector and stock market. Depending on future economic conditions, experts predict possible rate cuts in 2024 or 2025, which could impact the market’s movement in the coming months.