Il Capo of Crypto, one of the well-known analysts of the cryptocurrency world, shared his views on the altcoin market in his latest published analysis.
The analyst spoke on OTHERS, a chart of the total market value of the remaining altcoins, leaving out the top 10 cryptocurrencies in the world.
il Capo Expects Temporary Decline in Altcoin Market
According to il Capo, the chart is now testing a major turning point resistance, with the first bullish confirmation following the breakout of the downtrend that has been ongoing since March behind us.
OTHERS, which is at around $232 billion at the time of writing this article, can be mentioned as a second bullish approval when it reaches around $250 billion according to the analyst.
The analyst says that a pullback from this area can be expected as the market prepares for the traditionally bullish October. He also noted that this short-term pullback could coincide with Bitcoin’s price testing $65,000 or slightly below.
However, he added that he still continues to think positively about Bitcoin and the altcoin market.
*This is not investment advice.