Altcoins
What’s Happening With Altcoins? The Correction Is ‘Understandable But Healthy,’ Says Trader — TradingView News
A prominent pseudonymous cryptocurrency trader predicts a strong rebound for altcoins following the recent retracement.
What happened: Doctor Profit sees the recent 35% correction in the altcoin market following a 150% uptrend from $300 billion to $800 billion from October 2023 to March 2024 as healthy. He added that the current market situation presents a favorable buying opportunity.
Major Altcoin 2024 Q3 Report Update
I present an update of the main Altcoin Report 2024 for Q3. From October 2023 to March 2024, most altcoins exploded by 150%. The current correction of 35% is not only understandable, but also healthy. Reading the Altcoin Report is highly… photo.twitter.com/46RkKfPYXm
The best-case scenario for the altcoin market is that it has already bottomed out and will not experience a potential second bottom. The worst-case scenario, according to the trader, is a further 10% decline, reaching a market cap of $500 billion.
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Because matter: Doctor Profit’s previous month’s altcoin forecast was for a retracement from his own and it turned out to be correct. He also mentioned the upcoming launch of Ethereum ETFs, which he believes will trigger a massive pump in altcoins and ETH.
Despite the current correction, the trader remains bullish on altcoins. He predicts that the altcoin market cap could surpass $1 trillion by the end of the year and continue to new targets until price discovery.
Among his orders placed on some altcoins in mid-June at certain prices, Not money has increased 67% since its entry point. Others on the list included Ethereal ($2,890 admission), Six (entrance fee $0.28) and Toncholine ($5.50 admission).
What’s next:Bitcoin’s influence as an institutional asset class is expected to be explored in depth at Benzinga’s upcoming Future of Digital Assets event on November 19.
Read also:
- CPI Data, Jerome Powell, Ethereum ETFs: What Bitcoin Traders Are Watching This Week
This content was produced in part with the help of artificial intelligence tools, and was reviewed and published by Benzinga editors.
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