Altcoins
Expert Predicts Altcoin Market Crash, Suggests Optimal Buy Points for Top 10 Cryptocurrencies
Renowned crypto analyst Doctor Profit recently released “The Big Altcoin Report” for the third quarter of the year, suggesting further downward movement in the market.
Based on historical performance and the current state of the market, Doctor Profit warns of an imminent crash in the altcoin market triggered by an episode of uncertainty and a recent price correction in the top 100 cryptocurrencies, with Bitcoin (BTC) leading the way .
The analyst, however, remains optimistic, highlighting Potential buying opportunities and optimal entry points for several top altcoins.
Altcoin Market Correction
Doctor Profit draws attention to the recent exponential growth of the altcoin market, with market capitalization rising from $300 billion to almost $800 billion between October 2023 and March 2024, an increase of 150% in just five months.
Corrections following such significant growth are considered normal but can prove difficult for retail investors. The recent 25% correction, bringing the market capitalization at around $550 billion, is considered a healthy adjustment by the analyst.
Doctor Profit estimates that altcoins have almost bottomed out and are poised for another substantial rise, potentially hitting a $1 trillion market cap and setting new all-time highs.
The analyst contrasts the current market situation with previous cycles, highlighting the repeating pattern of lateral movements and spills followed by explosive growth. Doctor Profit identifies several altcoins with optimal buy levels based on their current prices and expected retracements.
For example, the metaverse 3D game’s native cryptocurrency, The Sandbox (SAND), is currently trading at $0.31. Doctor Profit suggests that a potential retracement of $0.22 would present an optimal buying zone.
Another altcoin, Stacks (STX), a Bitcoin Layer 2 token, is currently trading at $1.61. Doctor Profit recommends a downside target and buy zone of $1.48. Likewise, Arbitrum (ARB), a Layer 2 token, is currently trading at $0.78, with losses of over 10%. Doctor Profit identifies $0.61 as the best buy zone for this token, suggesting further losses in the coming days.
Gathering planned for mid-July
Moving on to larger altcoins, Doctor Profit analyzes Ethereum (ETH), the second largest cryptocurrency. Despite being the largest altcoin, Ethereum has seen a 3% decline, with a current price of $3,430. Doctor Profit analysis suggests a potential decline towards $2,890, indicating an entry point for a long position.
Binance Coin (BNB), which recently reached a new record level from $725, is expected to retrace almost 50% to $396, presenting the best entry point according to the expert. Currently, BNB is back to $585.
Doctor Profit further notes that other altcoins are expected to retrace significantly, including Optimism (OP), Sei Token (SEI), Toncoin (TON), Notcoin (NOT), and Omni (OMNI).
These altcoins saw price declines ranging from 8% to 17%, reflecting investor sentiment. Doctor Profit provides specific price targets and optimal purchase levels for these altcoins.
Doctor Profit recommends caution due to potential “market maker manipulation” and placing orders at the same levels. The analyst sets orders 3-5% above or below the identified optimal buy levels to avoid missing out.
Finally, Doctor Profit highlights the upcoming launch of the Ethereum ETF on July 2. Although he does not expect a significant rise on that day, similar to the Bitcoin ETF launch, the analyst predicts a sideways or downtrend for altcoins over the next 3-4 weeks.
However, a significant reversal and the start of a new altcoin rally is expected by mid-July. The analyst points out that altcoins are currently weak and only a few will succeed. Based on the analysis provided, Doctor Profit estimates that the altcoin’s market cap is 10-15% away from its low, making it an opportune time to invest for long-term gains.
Featured image of DALL-E, chart by TradingView.com