Expert Forecasts Altcoin Market Crash, Suggests Optimal Buy-In Points For Top 10 Cryptos
18 Junho 2024 - 7:00PM
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Renowned crypto analyst Doctor Profit recently released “The big
altcoin report” for the third quarter of the year, suggesting
further downward movement for the market. Based on historical
performance and the current state of the market, Doctor Profit
warns of an impending altcoin market crash triggered by an episode
of uncertainty and a recent price correction in the top 100
cryptocurrencies, led by Bitcoin (BTC). However, the analyst
remains optimistic, highlighting potential buying opportunities and
optimal entry points for several top altcoins. Altcoin Market
Correction Doctor Profit draws attention to the altcoin market’s
recent exponential growth, with market capitalization surging from
$300 billion to nearly $800 billion between October 2023 and March
2024, representing a 150% increase in just five months.
Related Reading: From Cheers To Tears: Beercoin (BEER) Dries Up,
Loses 70% Of Its Value Corrections following such significant
growth are deemed normal but can prove challenging for retail
investors. The recent correction of 25%, bringing the market cap to
around $550 billion, is regarded as a healthy adjustment by the
analyst. Doctor Profit believes that altcoins have nearly
reached their bottom and are poised for another substantial rise,
potentially reaching a market cap of $1 trillion and setting new
all-time highs. The analyst parallels the current market situation
and previous cycles, emphasizing the repetitive pattern of sideways
movement and dumps followed by explosive growth. Doctor Profit
identifies several altcoins with optimal buying levels based on
their current prices and expected retracements. For instance,
the native cryptocurrency of the 3D metaverse game, The Sandbox
(SAND), is currently trading at $0.31. Doctor Profit suggests a
potential retracement of $0.22 would present an optimal buy
zone. Another altcoin, Stacks (STX), a Bitcoin Layer 2 token,
currently trades at $1.61. Doctor Profit recommends a downside
target and buy zone of $1.48. Similarly, Arbitrum (ARB), a Layer 2
token, is currently trading at $0.78, with losses of over 10%.
Doctor Profit identifies $0.61 as the best-buy zone for this token,
suggesting further losses in the coming days. Mid-July Rally
Forecasted Moving on to larger altcoins, Doctor Profit analyzes
Ethereum (ETH), the second-largest cryptocurrency. Despite being
the largest altcoin, Ethereum has witnessed a 3% drop, with the
current trading price at $3,430. Doctor Profit’s analysis suggests
a potential decline towards $2,890, indicating an entry point for a
long position. Binance Coin (BNB), which recently reached a
new all-time high of $725, is expected to retrace almost 50% to
$396, presenting the best entry point according to the expert.
Currently, BNB has retraced to $585. Doctor Profit further notes
that other altcoins expected to retrace substantially include
Optimism (OP), the Sei (SEI) token, Toncoin (TON), Notcoin (NOT),
and Omni (OMNI). These altcoins have recorded price drops
ranging from 8% to 17%, reflecting investor sentiment. Doctor
Profit provides specific price targets and optimal buying levels
for these altcoins. Doctor Profit advises caution due to potential
“market maker manipulation” and order placements at the same
levels. The analyst sets orders 3-5% higher or lower than the
identified optimal buying levels to avoid missing out. Related
Reading: Bitcoin, Solana Suffer As Institutional Investors Pull
$600 Million Out Of Crypto Funds Lastly, Doctor Profit highlights
the upcoming Ethereum ETF launch on July 2nd. While not expecting a
significant pump on that day, similar to the Bitcoin ETF launch,
the analyst predicts a sideways or bearish trend for altcoins in
the next 3-4 weeks. However, a significant reversal and the
start of a new altcoin rally are anticipated by mid-July. The
analyst emphasizes that altcoins are currently low, and only a few
will succeed. Based on the provided analysis, Doctor Profit
believes that the altcoin market cap is 10-15% away from its
bottom, making it an opportune time to invest for long-term gains.
Featured image from DALL-E, chart from TradingView.com
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