Altcoins
What’s Happening With Altcoins? The Correction Is ‘Understandable But Healthy,’ Says Trader
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.
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.
Because matter: Doctor Profit’s previous month’s forecast for altcoins was for a retracement from his own and it turned out to be correct. He also mentioned the upcoming launch of Ethereum ETFswhich he believes will trigger a huge surge in altcoins and ETH.
Despite the current correction, the trader remains bullish on altcoins. 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 NOT/USD is up 67% from its entry point. Others on the list included Ethereal ETH/USD ($2,890 entry), Six SEI/USD (entry at $0.28) and Toncholine TON/USD ($5.5 entry).
What’s next: The influence of Bitcoin as an Institutional Asset Class It is expected to be explored in depth at the next Benzinga The Future of Digital Assets event of November 19th.
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