A widely followed trader who nailed the crypto bull market top in 2022 believes the altcoin market is gearing up to spark an upside burst.
Pseudonymous analyst Pentoshi tells his 843,900 followers on the social media platform X that he’s keeping a close watch on the OTHERS chart, which tracks the market cap of all crypto excluding the 10 largest coins and stablecoins.
[adinserter block="1"]According to Pentoshi, OTHERS is flashing a bullish continuation signal as it threatens to take out its final resistance at around $500 billion.
“Say what you will, but alts look great as a whole here.
Bull flag/consolidation over the previous highs from last year.
Markup soon.”
Traders keep an eye on the OTHERS chart to get a broad sense of how the altcoin markets are likely to perform. Meanwhile, a bull flag typically indicates that an asset is taking a breather before igniting a fresh leg up.
At time of writing, OTHERS is trading at $362.22 billion.
Pentoshi is also closely watching the TOTAL chart, which tracks the market capitalization of all crypto assets excluding stablecoins. The trader predicts that TOTAL could surge at least 18% from current levels but can print as high as 88% gains before the crypto bull market comes to a close.
A rising TOTAL chart indicates that Bitcoin (BTC) and altcoins are surging in value.
“Guessing we top at $4.2 trillion – $6.7 trillion currently. I will narrow it down more later. But the first target is $4.2ish trillion.”
At time of writing, TOTAL is trading for $3.553 trillion.
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