The dynamic structure of the cryptocurrency market directs investors to constantly monitor the performance of various crypto assets. In this context, a top analyst who correctly predicted the end of the 2021 Bitcoin (BTC) bull run evaluated the latest situation in the altcoin market using an indicator called TOTAL3.
TOTAL3 is known as a chart that shows the total market value of crypto assets other than Bitcoin and Ethereum. Analyst Pentoshi, in his analysis on this indicator, said that after TOTAL3 turned its $444 billion resistance into a support level, the altcoin market could increase by approximately 40% from current levels. foresees. However, it points out that this potential increase may be preceded by short-term corrections or consolidation periods.
“So far we are doing well and we may experience a period of decline or consolidation towards previous range highs for a while. So far this has been a pretty healthy trend with higher highs and higher lows. We caught some great moves. “I would love to see it move towards the upper range.”
Additionally, Pentoshi’s analysis also highlighted the Bitcoin halving event planned for April. Bitcoin halving is an event that causes far-reaching effects on the cryptocurrency market, and Pentoshi thinks that this event could positively impact the altcoin market. The analyst predicts that TOTAL3 could reach a target of $640.64 billion in April.
TOTAL3 stands at $462 billion at the time of writing this article.
While the crypto community awaits the U.S. Securities and Exchange Commission’s (SEC) decision on various BTC exchange-traded fund (ETF) applications, Pentoshi said he is unsure of Bitcoin’s potential price movement in the coming days. However, in the long term, the analyst predicts that BTC will continue its upward trend.
“I deliberately didn’t make any post-BTC ETF price predictions because I don’t know. Anyone who claims to know is full of nonsense, at least in the short term. “I believe we will go up and to the right in the long run.”
At the time of this writing, the value of Bitcoin was $43,971.
You can follow the current price movement here.