A prominent crypto analyst suggests that strong altcoins are gearing up for an upward movement.
The anonymous trader known as Pentoshi informs his 809,600 followers on the social media platform X that the current position of the digital asset market is crucial for altcoins.
“I personally appreciate the structure or basing that is happening. It appears favorable for another upward movement. There’s definitely a significant upside *IF* this can transition from resistance to support.”
“I have been quite optimistic about BTC, and this is a scenario where MANY, not all, alts could get trapped on BTC/USD pivots and underperform against BTC, potentially allowing [Bitcoin Dominance] to rise. It’s something to keep in mind regarding your exposure. Thus, I would definitely avoid pursuing lagging alts. Instead, focus exclusively on those exhibiting a clear [higher highs and higher lows] uptrend and sustained strength during BTC’s movements so far.”
Pentoshi also remarks that Bitcoin (BTC) seems to be in a “waiting room” for an all-time high.
“It’s tough to argue against this being a higher high. Kudos to those who exercised patience. Everyone enters at the price they deserve.”
Bitcoin is currently trading at $67,319. The leading cryptocurrency by market capitalization has mainly stayed in a sideways trend over the last week.
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Disclaimer: The views expressed at The Daily Hodl are not investment advice. Investors should conduct their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that your transactions and trades are at your own risk, and any potential losses are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does The Daily Hodl serve as an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.
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