A top analyst who nailed the end of the 2021 Bitcoin (BTC) bull run believes that the stage is being set for altcoins to witness massive rallies.
Pseudonymous analyst Pentoshi tells his 737,800 followers on the social media platform X that he’s keeping a close watch on the TOTAL3 chart which is used as a proxy for the entire altcoin market as it tracks the market capitalization of all crypto assets excluding Bitcoin and Ethereum (ETH).
Pentoshi predicts that TOTAL3 could rise by nearly 40% from current levels after flipping its resistance at $444 billion into support.
“So far so good, and we might have a period of dipping below or consolidating for a time around the previous range highs. So far, this has been a pretty healthy trend, with higher highs and higher lows. We’ve caught some great moves. Would love to see it go toward the upper range.”
According to the crypto strategist, he thinks that TOTAL3 will reach his target of $640.64 billion after the Bitcoin halving which is slated for April.
The halving, which cuts BTC miners’ rewards in half, has historically coincided with bull runs in the broader crypto markets.
At time of writing, TOTAL3 is trading at $462 billion.
Looking at Bitcoin, Pentoshi says he’s uncertain about the potential price action of the crypto king in the coming days as the market awaits the decision of the U.S. Securities and Exchange Commission (SEC) on several BTC exchange-traded fund (ETF) applications. In the long term though, the analyst predicts that BTC will continue trending upward.
“I’ve purposely not made any BTC post-ETF price predictions because I simply don’t know. Anyone who claims to know is full of sh*t, short term at least. Long term, I believe we go up and to the right. It’s programmed with how fiat and central banks work.”
At time of writing, Bitcoin is worth $43,740.
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