The altcoin market is on the verge of a major breakout, according to a well-known trader who accurately predicted the crypto bull market top in 2022. Pentoshi, a pseudonymous analyst with a significant following on X, is closely monitoring the OTHERS chart, which tracks the market cap of all cryptocurrencies excluding the top 10 coins and stablecoins.
Pentoshi recently shared on X that the OTHERS chart is showing a bullish continuation signal as it approaches its final resistance level at approximately $500 billion. The trader expressed optimism about the altcoin market, highlighting a bull flag pattern and consolidation above last year’s highs, indicating a potential uptrend in the near future.
Traders often refer to the OTHERS chart to gauge the overall performance of altcoins. A bull flag pattern typically suggests that an asset is taking a breather before embarking on a new upward trend. As of the latest data, the OTHERS market cap stands at $362.22 billion.
In addition to the OTHERS chart, Pentoshi is also closely monitoring the TOTAL chart, which tracks the market capitalization of all cryptocurrencies excluding stablecoins. The trader believes that TOTAL could see an increase of up to 88% before the current crypto bull market concludes, with an initial target of around $4.2 trillion.
A rising TOTAL chart indicates strong performance from both Bitcoin and altcoins. At present, TOTAL is valued at $3.553 trillion, signaling further potential upside in the market.
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In conclusion, the altcoin market is showing signs of a potential rally, with key indicators pointing towards further gains. As traders navigate the market, it is essential to stay informed and adapt to changing trends to maximize investment opportunities and mitigate risks.