Crypto analyst Jason Pizzino is predicting a surge in altcoin prices in the fourth quarter of this year. He believes this “altcoin bounce” could happen after the US presidential election on November 5th.
Tether Dominance: A Key Indicator
Pizzino points to the declining market share of Tether (USDT), a stablecoin pegged to the US dollar. He believes that as USDT’s dominance decreases, investors are likely using their stablecoins to buy other cryptocurrencies.
He uses a chart showing the inverse of USDT’s market share, predicting a further drop in its dominance. This, he says, would mean more money flowing into Bitcoin and other cryptocurrencies, leading to an altcoin bounce.
Ethereum’s Outlook
Pizzino also sees positive signs for Ethereum (ETH), the second-largest cryptocurrency. He believes that ETH has overcome a major resistance level and is looking strong.
He suggests that a close above $2,900 would confirm a longer-term bullish trend for Ethereum.
Disclaimer
Remember, this is just one analyst’s opinion. Crypto markets are volatile, and investments carry inherent risks. Always do your own research before making any investment decisions.
