An analyst who has reached the top of the 2021 Bitcoin (BTC) bull market believes altcoins have bottomed out.
Pseudonymous trader Pentoshi shares with his 801,500 followers on the social media platform
The analyst predicts that altcoins in general will see recovery rallies with short pullbacks in between.
“For alts, I think we’re seeing something like this. But I believe this will be the general path for the market and there will be at least a few weeks where alts will receive a bid.
And as usual, no graphs/tickers etc. for them. I only tweet BTC, ETH and SOL charts. The red line is not exact, just a general idea of where and how we are likely to go. I think it’s very unlikely that we see a lower low from here.”
While the analyst predicts Bringing relief to the altcoin market after months of being bearish, he says alts could remain within a certain range for quite some time.
“Crazy, but alts have been so wrecked in recent months that the market has averaged only 15%-20% above bear market highs, but many of those have generally hit new lows. Guess it’s entirely possible that we’ll be stuck somewhere for a long time, from the lows to the last lower highs. But I have a feeling they will get some relief.”
Pentoshi too say that despite Bitcoin’s (BTC) recent correction on the weekly chart to the low $50,000 range, he remains bullish on the major digital asset by market cap, saying current fundamentals could push BTC higher than most expect.
“I got pretty close to $51,000 for $53,000. I think no matter when we encounter that area, even if we return, it has such great value in the long term when we think about the future of BTC. Not to mention from a trading perspective. Look at the direction of the world and irresponsible governments and central banks. Higher than we ever imagined. Possibly.”
Bitcoin is trading at $64,534 at the time of writing, up more than 2% in the past 24 hours.
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Generated image: Midjourney