A well-known crypto analyst, Pentoshi, is predicting a comeback for altcoins. He’s shared his bullish outlook with his over 850,000 followers on X.
Altcoin Market Recovery
Pentoshi says he’s buying crypto right now, believing the altcoin market is ready to recover. He’s particularly focused on the “OTHERS” chart, which tracks the total crypto market cap excluding the top 10 coins and stablecoins. He’s seeing a potential dip to around $247 billion before a rise towards $280 billion. Currently, OTHERS sits at about $270 billion.
He explains, “It’s hard for me to be bearish at this point. There might be some more sideways movement, but I’ve started reinvesting some of the money I took out during the bull run.”
Injective (INJ) in Focus
One altcoin Pentoshi is watching closely is Injective (INJ). He sees a potential bounce as it holds support around $14. “This price level should trigger a good upward reaction soon,” he noted. INJ was trading at around $14.67 at the time of writing, up almost 9% for the day.
A Golden Era for Crypto?
Pentoshi is generally optimistic about crypto’s future, with one notable exception: celebrity-themed memecoins. He stated, “I believe we’re heading for a golden age of crypto. Stablecoins will continue to grow massively, impacting the entire market. Bitcoin’s place as a global standard is now secure. We’ll see more real-world applications on the blockchain, offering incredible opportunities. I’m bearish on celeb memecoins, though – just look at the market when Bitcoin hit $100,000! But overall, I’m not bearish on the crypto market’s direction.”
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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