dailyhodl.com
A widely followed analyst is turning bullish on altcoins as the total cryptocurrency market capitalization hovers above $3 trillion.
The analyst pseudonymously known as Pentoshi tells his 811,300 followers on the social media platform X that once TOTAL3 (the total crypto market cap excluding Bitcoin and Ethereum) rises above approximately $790 billion, things could “get crazy.”
According to the pseudonymous analyst, TOTAL3 will, however, experience corrections on the way up.
“Where we’re going son, you don’t need charts…
…Will be looking to add on dips. Price doesn’t move in a straight line. There will be shakeouts, bull traps, bear traps etc along the way. It’s all opportunity.”
TOTAL3 is at $741 billion at time of writing.
The widely followed analyst says that Bitcoin (BTC) is unlikely to experience steep corrections the same way it did in previous cycles, unlike altcoins.
“Past bull markets, and you can confirm this yourself but BTC alone had eight pullbacks greater than 20% which all ended in V reversals in a single year. Do I expect that this time? No. For alts? Yes.
It’s why you should always have some cash for stink bids because it’s some of the best money you’ll make.
It’s inevitable that these days come and wipe out the over-leveraged people.”
On how frequently the steep corrections altcoins could experience over the course of the bull market, Pentoshi says,
“In short, big single-day dips of greater than 15% – 20%, typically offer quick rewards and it will happen every month or so at least once.”
Generated Image: Midjourney