One trader on top of the 2022 cryptocurrency bull market believes the altcoin market is poised to spark a bull market.
Pentoshi, a pseudonymous analyst, told his 843,900 followers on social media platform
According to Pentoshi, OTHERS is signaling continued bullishness as it threatens to break through the final resistance of around $500 billion.
“Say whatever you want. But here the alternative looks great overall.
Bull flag/consolidation on previous highs from last year.
Markup will be completed soon.”
Traders keep an eye on the OTHERS chart to get a broad overview of altcoin market performance. Meanwhile, a bull flag usually indicates that an asset is taking a moment to catch its breath before taking on new life.
As of this writing, OTHERS is trading at $362.22 billion.
Pentoshi is also closely watching the TOTAL chart, which tracks the market capitalization of all cryptocurrency assets excluding stablecoins. The trader predicts that TOTAL could surge at least 18% from current levels, but could see gains of up to 88% before the cryptocurrency bull market ends.
A rising TOTAL chart indicates that Bitcoin (BTC) and altcoins are soaring in value.
“We are currently at a high of $4.2 to $6.7 trillion. We’ll narrow it down further later. But the first goal is $4.2 trillion.”
As of this writing, TOTAL is trading at $3.553 trillion.
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