An analyst who predicted a Bitcoin (BTC) bull market peak in 2021 thinks altcoins have found their bottom.
Anonymous trader Pentoshi shared a chart with his 801,500 followers on social media platform X showing the total cryptocurrency market cap, excluding the top 10 digital assets. This chart is often used to measure the strength of altcoins.
“For altcoins, I think that’s what’s going to happen. But I think that’s going to be the normal course of the market, and I think altcoins are going to get bids for at least a few weeks.
And as usual, they don’t have charts/tickers etc. I just tweet BTC, ETH and SOL charts. The red lines are not exact, but they are just a general idea of where I think we will go and how. At this point, I think it is very unlikely that we will see lower lows.”
The analyst predicted that the altcoin market, which has been in a downtrend for months, will see a relief rebound, but said that altcoins could remain range-bound for a considerable period of time.
“It’s crazy, but the alternatives have fallen so much in recent months that while the market is only 15%-20% above its bear market highs on average, many commodities have made new all-time lows across the board. I think it’s very possible that we’re stuck somewhere between the lows and the last low high range for quite some time, but I think they’ll get some relief.”
Pentosi also said that Bitcoin (BTC) remains bullish against the top digital asset by market cap despite its recent correction to the low $50,000 range on the weekly chart, and that current fundamentals could push BTC higher than most people expect.
“It got pretty close to $53,000 to $51,000. I think that’s a really great long-term value for BTC, no matter when we see that zone, even if we reverse it. And I’m not even talking about it from a trading perspective. Look at the direction of the world and the irresponsible governments and central banks. It’s higher than we thought it would be. Ultimately.”
At the time of writing, Bitcoin is trading at $64,534, up more than 2% in the last 24 hours.
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