The crypto market’s unexpected weekend correction has set the stage for what could be a promising recovery for altcoins, suggests a well-regarded crypto analyst. The pseudonymous trader, known as Kaleo, recently communicated with his vast audience of 682,500 followers on the social media platform X, indicating that the digital asset arena may imminently enter an ‘up only’ phase. This bullish outlook is primarily based on Kaleo’s analysis of the Bitcoin dominance (BTC.D) chart, which appears to have peaked locally.
Bitcoin dominance is a crucial metric used by traders to determine the proportion of the total cryptocurrency market cap attributed to Bitcoin. A rise in BTC.D typically signifies Bitcoin outperforming altcoins, while a decrease indicates the opposite. Kaleo’s recent statements underscore his belief that altcoins, including popular memecoin Pepe (PEPE) and Ethereum rival Solana (SOL), have reached their market floors and are on the cusp of remarkable growth.
Kaleo pointed out that Bitcoin dominance sharply increased during the latest market downturn, but he anticipates a shift in momentum where altcoins may outperform Bitcoin soon. He specifically noted that Pepe, currently trading at $0.00001019 after a 10.3% increase, has achieved a target price, signaling the potential for a robust rebound.
Solana, currently priced at $207 following a slight 1% rise, is also on Kaleo’s radar. He predicts it could reach $1,000, describing the current price below $200 as being undervalued. Furthermore, Kaleo expressed optimism about Avalanche (AVAX), which may soon re-establish the $50 level as a support base, moving upwards from its current $27.43 valuation.
These insights from Kaleo reflect a sentiment shift within the crypto community, stirring anticipation for a potential altcoin market revival. As typical in the rapidly changing crypto landscape, it remains essential for investors to stay informed and exercise due diligence.
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