A crypto analyst who accurately predicted Bitcoin’s recent correction believes altcoins are about to take off.
Altcoin Market Cap Surges
The “OTHERS” chart, which tracks the altcoin market, has been following a pattern outlined by the analyst earlier this year. The chart suggests that the altcoin market is poised for a 42% gain from its current level of $297.5 billion.
Ethereum Breakout to Fuel Altcoin Surge
The analyst believes that capital will rotate into altcoins once Ethereum takes a breather. Ethereum is currently in a strong position to move above $4,000.
Ethereum Bullish Momentum
Ethereum has been consolidating around the $2791 level, which has historically preceded a move back up to $4,000. The analyst believes that a weekly close above the $3,300 resistance area will confirm that the bulls have regained momentum.
Disclaimer: This information is not investment advice. Investors should conduct their own research before making any high-risk investments.
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