The top Bitcoin analyst (BTCThe bull market of 2021 believes that altcoins are at their lowest point.
Pentoshi, a Pseudonymous Trader shares With his 801,500 subscribers on social media platform X, he shared a graph showing the crypto market capital excluding the top ten assets digital and stablecoins. This chart is often used as a gauge to measure altcoin strength.
Analyst predicts altcoins to experience recovery rallies, with short pullbacks interspersed.
“I think that we will see something similar for alts. This is my belief that the overall market trend will follow this path. I think there will at least be a couple of weeks when alts catch bids.
No charts, tickers, etc. They are not for me. Only BTC charts, ETH charts and SOL chart are tweeted. The red line doesn’t represent an exact prediction, just my general opinion of what I believe we will do. “I think we’re unlikely to see an even lower low as the situation stands.”
The analyst predicts The altcoin market has seen a recovery after months of being negative. However, Altcoins are likely to be in the same range for quite some time.
“Crazy, but alts got so demolished in the last few months that the market on average was only 15%-20% above the bear market range highs, but many made new all-time lows in general. Think it’s quite possible we are stuck somewhere from the lows to that last lower high range for quite some time. But feel they are going to get some relief .”
Pentoshi is also known as says Bitcoin (also known as Bitcoin) is not a new currency.BTCThe top digital asset in terms of market cap has recently corrected to the lower $50,000 area. However, Mr. Xiao remains optimistic and thinks that BTC can rise higher than many expect.
“Got pretty close to $51,000 at $53,000. I think no matter what anytime we see that area, even if we return it’s just such great long-term value when thinking about the future of BTC. Not even talking about from a trading perspective. Look at the direction of the world and irresponsible governments and central banks. Higher than we ever thought. Eventually.”
Bitcoin currently trades for $64,534, an increase of more than 2% over the past 24 hours.
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Source: dailyhodl.com