Analyst Predicts Bullish Momentum for Altcoin Market

An analyst known for predicting the November 2021 crypto bull cycle top is optimistic about the return of bullish momentum in the altcoin market.

Pseudonymous analyst Pentoshi is closely monitoring the OTHERS chart, an altcoin index that tracks the market cap of all crypto assets excluding Bitcoin (BTC), Ethereum (ETH), and stablecoins.

According to Pentoshi, OTHERS appears to be forming a local bottom at $250 billion and is poised to break through immediate resistance at $281 billion.

> “Alts potential low time frame double bottom forming from $250 billion. Still think we played this very well overall, and looking for it to go back toward $281 billion once again. Reclaim that and we get a nice move up for some actual relief.”
> — Pentoshi/X

A double-bottom pattern is a bullish reversal structure indicating that an asset or index has formed a solid demand area, potentially leading to an upward trend.

Pentoshi predicts that OTHERS could surge by about 15% if it surpasses resistance at $281 billion.

> “Looking better and better, the market has had numerous opportunities to sell off. Potential lower high at $320 billion range. Again, that area is likely the most important to watch as well as $250 billion for the next major trend in my opinion.”
> — Pentoshi/X

At the time of writing, OTHERS is trading at $271.63 billion.

One altcoin on Pentoshi’s radar is the native asset of the layer-1 protocol Injective (INJ). The analyst believes INJ is respecting its high time frame support at $14, aiming for a bounce toward $17.58.

> “Still looking good, hit $16 already, now looking for a move further up.”
> — Pentoshi/X

At the time of writing, INJ is valued at $15.26.

Generated Image: Midjourney