Altcoin Market Remains Strong
Crypto analyst Jason Pizzino believes a significant altcoin correction is unlikely. He points to the monthly chart of TOTAL3, which tracks the total market cap of crypto assets excluding Bitcoin, Ethereum, and stablecoins. Pizzino notes that TOTAL3 is consolidating and preparing for a breakout, suggesting that a severe correction is not imminent.
Ethereum’s Strength Hints at Altcoin Resilience
Pizzino also highlights the strength of Ethereum (ETH) as an indicator of the overall altcoin market. ETH has experienced a relatively mild bear market and is nearing its 50% retracement level. This suggests that altcoins are in a strong position and that ETH may be poised for a rally.
Corrections Will Eventually Come
While Pizzino does not expect a significant correction in the near term, he acknowledges that corrections are inevitable. However, he believes that the current market conditions do not warrant waiting for larger pullbacks.
Conclusion
Analyst Jason Pizzino advises traders against relying on a significant altcoin correction to buy at lower prices. He believes that the market is consolidating and preparing for a breakout, and that altcoins are in a strong position. While corrections will eventually occur, Pizzino does not believe that the current timing is right.
