An analyst who nailed the top of Bitcoin’s (BTC) 2021 bull market thinks that altcoins are setting the stage for an explosive rally.
Pseudonymous analyst Pentoshi tells his 705,600 followers on the social media platform X that some alts could soar for as long as six weeks.
“I do think we get a mini alt season, three to six weeks in duration or so in the near term. But as always, that’s my opinion and I can and will be wrong. Have seen a ton of signs and will make a thread on why to back it up.”
The trader also updates his outlook for a number of altcoins, starting with decentralized derivatives exchange Injective (INJ).
“I couldn’t justify buying it here. Too close to a historically strong resistance. Would either wait for a lower purple box, or a clean reclaim above. Diddle in the middle is a great way to get rekt, but for those already in good job and congrats.”
INJ is trading for $12.12 at time of writing.
Next up, the trader says he is closely watching crypto gambling platform Rollbit’s (RLB) native token to confirm an upward trend if it sets a higher high.
“RLB: I don’t own any currently. Honestly would wait for new highs to get in so not touching it for now.”
RLB is worth $0.18 at time of writing.
Looking at Polygon (MATIC), the trader believes the layer-2 scaling solution is heading up to the $0.70 range.
“MATIC: This looks okay, it had a nice reclaim as well. Great shot at heading up to $0.74 area in the short term.”
MATIC is trading for $0.63 at time of writing.
The trader also says that the artificial intelligence (AI) altcoin Fetch.AI (FET) broke through a key resistance level and appears to be in an uptrend.
“FET: Think this looks great on all time frames, reclaim of a key spot that has acted as resistance and would love to get some bids closer to the bottom white line but started a starter bag.”
FET is trading for $0.29 at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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