One prominent cryptocurrency trader believes that the altcoin market is close to bottoming and that a major move to the upside is just months away.
In a new strategy session, Jason Pizzino told his 310,000 YouTube subscribers that the overall altcoin market cap has turned key resistance levels into support levels and could remain there until the bull market begins later this year.
But he warned there could soon be a slight decline from current levels.
“There may be a little more downturn, but nothing too severe compared to previous cycles.
So if you are waiting for a 20x, 50x, 100x altcoin, now is the time. And yes, I’m continuing to put out content like this because I think this might be the best time considering where we are in the market.
If you haven’t been accumulating cryptocurrencies at these specific lows (April 2023 – October 2023), I think this is probably one of the safer opportunities. “Because the market will break through previous resistance (about $270 billion) and potentially come back or get closer to certain support.”
Traders appear to be looking at the TOTAL3 chart, which tracks the total market capitalization of digital assets excluding Bitcoin (BTC), Ethereum (ETH), and stablecoins. According to his chart, TOTAL3 will likely revisit its support level of about $270 billion before taking the next step.
Traders also believe that the overall market capitalization of alts could soar in the roughly 12 months following the US presidential election in November 2024, similar to what happened in the 2020 cycle.
“Then wait until the end of the year when the elections are held. As you can see here, the market in November 2020 is essentially solid from that point forward for about 12 months, not from now. , we have about 12 months to go for a crazy bull market, roughly around the 2024 election. The peak here is around 2025 to early 2026.”
As of this writing, TOTAL3 is worth $479.47 billion.
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