Altcoins
Veteran Analyst Says Altcoins Shouldn’t Fall Further From Here – Here’s Why
An analyst who nailed the Bitcoin top (Bitcoin) The 2021 bull market believes that altcoins have found their bottom.
Trader pseudonym Pentoshi actions with its 801,500 followers on social media platform X, a chart showing the total market capitalization of cryptocurrencies, excluding the top ten digital assets, often used to gauge the strength of altcoins.
“For altcoins, I think we’ll see something like that. But I think that’s going to be the general trajectory of the market and at a minimum, there’s going to be a few weeks where altcoins are getting some supply.
And as usual, no charts/tickers etc for them. I only tweet BTC, ETH and SOL charts. The red line isn’t exact, but it’s just a general idea of where and how I think we’re likely going. I think it’s very unlikely we’ll see a lower low from here as things stand.
Source: Pentoshi/X
The analyst predicted a relief rally for the altcoin market after being bearish for months, but indicates that altcoins could remain stuck in a range for a considerable time.
“It’s crazy, but altcoins have been so trashed over the last few months that the market was only 15-20% above bear market highs on average, but many have hit new all-time lows overall. I think it’s entirely possible that we’re stuck somewhere between the lows and that final upper lower range for a while. But I think they’re going to get some relief.”
Pentoshi too said that despite Bitcoin (Bitcoin) recent correction on the weekly chart towards the low $50,000 range, he remains bullish on the number one digital asset by market cap and says current fundamentals can push BTC higher than most expect.
“I hit $53,000 to $51,000. I think no matter when we see that area, even if we come back, it’s such an important long-term value when you think about the future of BTC. Let alone from a trading perspective. Look at the direction of the world and the 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 past 24 hours.
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