Analyst who predicted the peak of Bitcoin (BTC2021 Bull Market believes altcoins found their bottom.
Pentoshi, a Pseudonymous Trader shares With his 801,500 subscribers on social media platform X, he shared a graph showing the crypto market capital excluding the top ten assets digital and stablecoins. This chart is often used as a gauge for altcoin strength.
The analyst believes that altcoins, in general, will experience recovery rallies and brief pullbacks.
For alts, we’ll see something along these lines. This is my belief that the overall market trend will follow this path. I think there will at least be a couple of weeks when alts catch bids.
As usual, there are no tickers/charts, etc. They are not for me. Only BTC charts, ETH charts and SOL chart are tweeted. The red line doesn’t represent an exact prediction, just my general opinion of what I believe we will do. As things currently stand, I don’t think that we will see any lower lows.
The analyst predicts After months of bearishness, the altcoin markets may have a relief rally. He says alts could be stuck for some time in one range.
“Crazy, but alts got so demolished in the last few months that the market on average was only 15%-20% above the bear market range highs, but many made new all-time lows in general. Think it’s quite possible we are stuck somewhere from the lows to that last lower high range for quite some time. But feel they are going to get some relief .”
Pentoshi is also known as says Bitcoin is a (BTCHe is still bullish about the digital currency, which has the highest market capitalization, despite the recent weekly correction to low $50,000. Current fundamentals could push BTC much higher than many expect.
“Got pretty close to $51,000 at $53,000. I think no matter what anytime we see that area, even if we return it’s just such great long-term value when thinking about the future of BTC. Not even talking about from a trading perspective. Look at the direction of the world and irresponsible governments and central banks. Higher than we ever thought. Eventually.”
Bitcoin has risen by more than 2 percent in 24 hours to $64,534.
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