A crypto strategist known for accurately calling the 2021 digital asset cycle top believes Bitcoin (BTC) and altcoins are poised to bounce higher this week.
The analyst pseudonymously known as Pentoshi tells his 855,900 followers on the social media platform X that the OTHERS weekly chart, which tracks the total market cap of crypto excluding the 10 largest digital assets and stablecoins, is flashing bullish.
“Liking [last weekly candle]… [This] week higher for your favorite cryptocurrency coins in my opinion.”
He believes that the OTHERS chart may soon have a series of rallies and flip the $281 billion resistance level on the weekly chart into support.
“These are going to likely be the most decisive spots in terms of trends, entries and exits for the foreseeable future. $250 billion is where we took longs and is very close to an HTF (high time frame) invalidation level which makes it cheap if wrong. $281 billion is our local resistance, but we want to see it end up towards $320 billion-ish.
Again, we could chop here. $320 billion is a great partial exit point and if it flips it can get back in etc. Which makes it also cheap if wrong, since you don’t have to pay much for confirmation of further upside at that point.”
The OTHERS is trading at $271.46 billion at time of writing.
Looking at Bitcoin, Pentoshi says that BTC looks strong despite an onslaught of bearish news.
“It’s crazy. All that’s taken place in the last few months, and this is what BTC looks like.”
At time of writing, Bitcoin is trading for $96,228.
Earlier this month, Pentoshi predicted that the crypto market cap may hit a valuation of $4.42 trillion as soon as the first quarter of this year.
“Probably this quarter.”
At time of writing, the total market cap of crypto stands at $3.134 trillion.
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