A widely followed trader who has reached the top of the crypto bull market in 2022 believes the altcoin market is gearing up to cause an upside burst.
Pseudonymous analyst Pentoshi tells his 843,900 followers on the social media platform
According to Pentoshi, OTHERS is flashing a bullish continuation signal as it threatens to lose its last resistance at around $500 billion.
‘Say what you want, but altos look great here as a whole.
Bull flag/consolidation from previous year’s highs.
Making up soon.”
Traders keep an eye on the OTHERS chart to get a broad idea of how the altcoin markets are likely to perform. Meanwhile, a bull flag usually indicates that an asset is taking a breather before taking another step higher.
At the time of writing, OTHERS is trading for $362.22 billion.
Pentoshi also keeps a close eye on the TOTAL chart, which tracks the market capitalization of all crypto assets, excluding stablecoins. The trader predicts that TOTAL could rise at least 18% from current levels, but post as much as 88% gains before the crypto bull market comes to an end.
A rising TOTAL chart indicates that Bitcoin (BTC) and altcoins are increasing in value.
“My guess is we’re going to be over $4.2 trillion – currently $6.7 trillion. I’ll narrow it down further later. But the first target is $4.2 trillion.”
At the time of writing, TOTAL is trading at $3.553 trillion.
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Generated image: Midjourney