What Is Going On With Altcoins? Correction Is 'Understandable But Healthy,' Says Trader
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A prominent pseudonymous crypto trader predicts a strong rebound for altcoins following the recent retrace. What Happened: Doctor Profit sees the recent 35% correction in the altcoin market following a 150% uptrend from $300 billion to $800 billion from October 2023 to March 2024 as healthy. He added that the current market situation presents a favorable buying opportunity. The best-case scenario for the altcoin market is that it has already hit its bottom and will not test a second potential bottom. The worst-case scenario, according to the trader, is a further 10% drop, reaching a $500 billion market cap. Also Read: Top Crypto Analyst Sees Ethereum, Altcoin Reversal Coming: ‘Back Up In The Next Few Weeks’
Why It Matters: Doctor Profit's previous month's forecast for altcoins predicted a retracement to his and turned out to be correct. He also mentioned the imminent launch of the Ethereum ETFs, which he believes will trigger a massive pump in altcoins and ETH. Despite the current correction, the trader remains bullish on altcoins. He predicts that the altcoin market cap could exceed $1 trillion by the end of the year and continue to new targets until reaching price discovery. Among his orders placed on some altcoins in mid-June at certain prices, Notcoin NOT/USD has increased 67% from its entry point. The others in the list included Ethereum ETH/USD (entry at $2,890), Sei SEI/USD (entry at $0.28) and Toncoin TON/USD (entry at $5.5). What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19. Read Next:
CPI Data, Jerome Powell, Ethereum ETFs: What Bitcoin Traders Are Watching This Week
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Image: Shutterstock