The analyst who predicted the peak of the Bitcoin (BTC) bull market in 2021 believes that altcoins have reached their bottom.
A trader who goes by the pseudonym Pentoshi shares with his 801,500 followers on social media platform X a chart showing the total cryptocurrency market capitalization excluding the top ten digital assets, which is often used to gauge the strength of altcoins.
“For alts, I think we’ll see something like that. But I think that’s going to be the general path for the market and that there will be at least a few weeks where alts are bid chasing.
And as usual, no charts/tickers etc for these. I’m just tweeting out charts of BTC, ETH and SOL. The red line is not exact, just a general idea of where and how I think we’re likely to go. I think it’s highly unlikely we’ll see a lower low from here, as things stand.”
Analyst predicts a revival in the altcoin market after months of bearish trend, but says altcoins could be stuck in a range for an extended period.
“It’s crazy, but altcoins have been so bad over the last few months that the market has only averaged 15%-20% above the bear market highs, but many have made new all-time lows overall. I think it’s entirely possible that we’re stuck somewhere between the lows and the last lower high for quite some time. But I feel like they’ll get some relief.”
Pentoshi also says that despite Bitcoin’s (BTC) recent correction on the weekly chart to a low of $50,000, he remains bullish on the leading digital asset by market cap and says current fundamentals could push BTC higher than many expect.
“It’s almost $51,000 from $53,000. I think no matter what we see in that area, even if we go back, it’s going to be of huge long-term value when you think about the future of BTC. Not even from a trading perspective. Look at the direction of the world and the irresponsible governments and central banks. Higher than we ever thought. Ultimately.”
At the time of writing, Bitcoin is trading at $64,534, up more than 2% in the last 24 hours.
Generated image: Midjourney
