Altcoins
What’s going on with altcoins? The correction is ‘understandable but healthy,’ says trader
Prominent pseudonymous crypto trader predicts strong rebound for altcoins after the recent retracement.
What happened: Doctor Profit considers the recent 35% correction in the altcoin market, after a 150% uptrend from $300 billion to $800 billion from October 2023 to March 2024, to be 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 does not test a potential second bottom. The worst-case scenario, according to the trader, is a further 10% drop, reaching a market cap of $500 billion.
Read also : Top Cryptocurrency Analyst Sees Reversal Coming for Ethereum and Altcoin: ‘Back in the Coming Weeks’
Why is this important: Dr. Profit’s previous month’s prediction for altcoins predicted a retracement from his own and proved correct. He also mentioned the imminent launch of the Ethereum ETFwhich 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 towards new targets until price discovery is reached.
Among his orders placed on certain altcoins in mid-June at certain prices, No coin The NOT/USD exchange rate has increased by 67% from its entry point. Other exchange rates in the list are Ethereum ETH/USD (entry at $2,890), Sei SEI/USD (entry at $0.28) and Yourcoin TON/USD (entry at $5.5).
And after: The influence of Bitcoin as an Institutional Asset Class should be explored in depth in Benzinga’s next project The Future of Digital Assets event on November 19.
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