dailyhodl.com
A widely followed analyst is flipping bullish on altcoins after the crypto market’s sudden correction over the weekend.
Pseudonymous crypto trader Kaleo tells his 682,500 followers on the social media platform X that the digital assets market may soon be entering an “up only” phase based on the Bitcoin dominance ($BTC.D) chart having potentially reached a local top.
Traders use $BTC.D to see if altcoins are outperforming Bitcoin as the metric calculates how much of the crypto market cap belongs to $BTC.
Says Kaleo,
“Bitcoin Dominance shot up with the last leg of that flush. Shouldn’t be much longer before we see alts start to outperform again.”
$BTC.D currently sits at 61.33% after reaching a weekend high of $64.09%.
The trader believes multiple altcoins have hit their market bottoms – including memecoin Pepe ($PEPE) – and are gearing up for massive rallies.
“$PEPE target hit. Commence the bounce.”
Looking at his chart, the trader suggests $PEPE will surge beyond $0.00001600 this month.
$PEPE is trading for $0.00001019 at time of writing, up 10.3% in the last 24 hours.
Next up, the trader predicts that Ethereum (ETH) competitor Solana ($SOL) is on its way to $1,000 after dipping below the $200 mark.
“$SOL under $200 is free. Send to $1,000+ resumes soon.”
$SOL is trading for $207 at time of writing, up 1% in the last 24 hours.
Kaleo also says that layer-1 blockchain Avalanche ($AVAX) may soon reclaim the $50 level as support.
“$AVAX wicked beneath HTF (high timeframe) support, already is on the verge of reclaiming it. Expecting this momentum to lead to a quick move to $50+ from here.”
$AVAX is trading for $27.43 at time of writing, down 6.3% in the last 24 hours
Generated Image: DALLE3