A popular crypto trader believes that the altcoin market is close to carving a bottom and is just months away from a massive move to the upside.
In a new strategy session, Jason Pizzino tells his 310,000 YouTube subscribers that the total altcoin market cap has flipped a key resistance level into support, which may hold until a bull run begins later this year.
However, he warns there may be a slight move to the downside from its current level soon.
“There may be a little more downside, but nothing so severe compared to what we had in the previous cycle.
So if you’re waiting for those 20x, 50x, 100x altcoins now is that time. And yes, I continue to put out content like this because I think this is going to be your best time considering where we sit in the market.
If you weren’t bagging up cryptos at these particular lows [from April 2023-October 2023], I think now is probably one of the safer opportunities, because the market is showing it’s broken out of previous resistance [around $270 billion] and potentially will come back to it or close to that particular support.”
The trader appears to be looking at the TOTAL3 chart which tracks the the total market cap of digital assets excluding Bitcoin (BTC), Ethereum (ETH) and stablecoins. His chart suggests that TOTAL3 will likely revisit the support level of around $270 billion before launching the next leg up.
The trader also believes that the total market cap for alts may soar for about 12 months beginning in November 2024, when there is a US presidential election, similar to what happened in the 2020 cycle.
“Then give it to the end of the year when we get that election running, as you can see here November 2020 markets go ballistic from that point, and essentially from that point, roughly about 12 months, not from now, but from that period, roughly around the election in 2024 you’ve got about 12 months to go for the crazy bull market. This peak here is about 2025 to early 2026.”
At time of writing, TOTAL3 stands at $479.47 billion.
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