Pentoshi, a widely followed crypto trader, predicts that the altcoin market will soon see a sudden rise after correctly predicting the crypto market peak in 2022.
Watching OTHERS Chart
Stating to his followers that he closely examined the OTHERS chart, which tracks the market value of the entire cryptocurrency market except the 10 largest coins and stablecoins, Pentoshi states that the activity in this chart gives positive signals for altcoins.
Essentially, we have not seen a serious upward movement in most of the altcoins for a long time. The constant stalling of the ETH price in the fixed range fed this negativity. However, cryptocurrency investors believe that the Trump era will give the rest of cryptocurrencies room to rise as it ends crypto lawsuits and promotes innovation.
Rise Forecast in Cryptocurrencies
Pentoshi also drew attention to the TOTAL chart, which tracks the market value of all crypto assets except stablecoins, and stated that the increase in this chart is due to Bitcoin. $104,967.3 and emphasizes that it is an indicator that altcoins are gaining value.
Pentoshi states that the OTHERS chart threatens to exceed the last resistance level around $500 billion, which is a bullish signal. The bull flag formation on this chart may herald a new rise after a short recession in the market.
“Whatever you say, altcoins as a whole look great here. Bull flag/consolidation above last year’s highs. It will rise soon.”
At the time of writing, the OTHERS chart is trading at $362.22 billion. Pentoshi predicts that the TOTAL chart could rise at least 18% from current levels and as high as 88% by the close of the cryptocurrency bull market.
The increase in the TOTAL chart is considered an indicator of the appreciation of Bitcoin and altcoins. Pentoshi points to around $4.2 trillion as an initial target, predicting a market cap to top $4.2 trillion to $6.7 trillion.
The recent activity in crypto markets offers new opportunities for investors. Analysts’ predictions can be important for gaining insight into the overall health of the market and its potential future movements.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
