Altcoins
Veteran Analyst Says Altcoins Are Unlikely to Drop Further From Here – Here’s Why
An analyst who spotted Bitcoin’s all-time high (BTC) The 2021 bull market believes that altcoins have bottomed out.
The pseudonymous trader Pentoshi actions with his 801,500 followers on the social media platform X, a chart showing the total cryptocurrency market capitalization excluding the top ten digital assets, often used to gauge the strength of altcoins.
“For alts, I think we’ll see something like that. But I think that’s going to be the general path for the market and at the very least, there will be a few weeks where alts will catch a bid.
And as usual, no charts/tickers, etc. for them. I only tweet BTC, ETH, and SOL charts. The red line is not exact, just a general idea of where and how I think we are likely to go. I think it is very unlikely that we will see a lower low from here as things stand.”
Source: Pentoshi/X
The analyst predicts a relief rally for the altcoin market after being bearish for months, but says that altcoins could remain stuck in a range for a considerable amount of time.
“Crazy, but the alts have been so destroyed over the last few months that the market was only 15%-20% above the highs of the bear market range on average, but many have made new all-time lows overall. I think it’s quite possible that we’re stuck somewhere between the lows and that last lower high range for quite some time. But I feel like they’re going to get some relief.”
Pentoshi also He says that despite Bitcoin (BTC) despite the recent correction on the weekly chart towards the low $50,000 range, remains bullish on the leading digital asset by market cap and says that current fundamentals can push BTC higher than most people expect.
“It’s gotten pretty close to $51,000 to $53,000. I think no matter what, every time we see that area, even if we go back, it’s just such a great long-term value when you think about the future of BTC. And that’s not even talking about a trading perspective. Look at where the world is going and irresponsible governments and central banks. Higher than we ever thought. Eventually.”
At the time of writing, Bitcoin is trading at $64,534, up more than 2% in the last 24 hours.
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