A popular crypto analyst, known as Kaleo, is predicting a significant upswing in the altcoin market following a recent correction. He believes the market is entering an “up only” phase.
Bitcoin Dominance and Altcoin Outperformance
Kaleo bases his prediction on the Bitcoin Dominance (BTC.D) chart, suggesting it has likely peaked. BTC.D measures Bitcoin’s share of the total crypto market cap. When BTC.D falls, it generally indicates altcoins are outperforming Bitcoin. Kaleo notes that BTC.D spiked during the recent correction but believes this suggests altcoins are poised for a comeback.
Altcoin Price Predictions
Kaleo offers specific price targets for several altcoins:
Pepe (PEPE)
He predicts Pepe (PEPE), a memecoin, will bounce back and surpass $0.00001600 this month. At the time of writing, PEPE is trading above $0.000010, up over 10% in the last 24 hours.
Solana (SOL)
Kaleo forecasts Solana (SOL), an Ethereum competitor, will rally to over $1,000. He sees the recent dip below $200 as a buying opportunity. SOL is currently trading around $207, slightly up for the day.
Avalanche (AVAX)
Finally, Kaleo expects Avalanche (AVAX) to quickly regain the $50 level. AVAX is currently trading below this level, down around 6% in the last 24 hours.
Disclaimer
Remember, this is just one analyst’s opinion. Crypto markets are highly volatile, and any investment carries risk. Always do your own research before investing.