Famend crypto analyst Physician Revenue not too long ago launched “The large altcoin report” for the third quarter of the 12 months, suggesting additional downward motion for the market.
Based mostly on historic efficiency and the present state of the market, Physician Revenue warns of an impending altcoin market crash triggered by an episode of uncertainty and a current worth correction within the prime 100 cryptocurrencies, led by Bitcoin (BTC).
Nonetheless, the analyst stays optimistic, highlighting potential shopping for alternatives and optimum entry factors for a number of prime altcoins.
Altcoin Market Correction
Physician Revenue attracts consideration to the altcoin market’s current exponential progress, with market capitalization surging from $300 billion to almost $800 billion between October 2023 and March 2024, representing a 150% enhance in simply 5 months.
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Corrections following such important progress are deemed regular however can show difficult for retail traders. The current correction of 25%, bringing the market cap to round $550 billion, is considered a wholesome adjustment by the analyst.
Physician Revenue believes that altcoins have almost reached their backside and are poised for an additional substantial rise, doubtlessly reaching a market cap of $1 trillion and setting new all-time highs.
The analyst parallels the present market state of affairs and former cycles, emphasizing the repetitive sample of sideways motion and dumps adopted by explosive progress. Physician Revenue identifies a number of altcoins with optimum shopping for ranges primarily based on their present costs and anticipated retracements.
As an example, the native cryptocurrency of the 3D metaverse sport, The Sandbox (SAND), is at the moment buying and selling at $0.31. Physician Revenue suggests a possible retracement of $0.22 would current an optimum purchase zone.
One other altcoin, Stacks (STX), a Bitcoin Layer 2 token, at the moment trades at $1.61. Physician Revenue recommends a draw back goal and purchase zone of $1.48. Equally, Arbitrum (ARB), a Layer 2 token, is at the moment buying and selling at $0.78, with losses of over 10%. Physician Revenue identifies $0.61 because the best-buy zone for this token, suggesting additional losses within the coming days.
Mid-July Rally Forecasted
Transferring on to bigger altcoins, Physician Revenue analyzes Ethereum (ETH), the second-largest cryptocurrency. Regardless of being the most important altcoin, Ethereum has witnessed a 3% drop, with the present buying and selling worth at $3,430. Physician Revenue’s evaluation suggests a possible decline in direction of $2,890, indicating an entry level for a protracted place.
Binance Coin (BNB), which not too long ago reached a brand new all-time excessive of $725, is anticipated to retrace nearly 50% to $396, presenting the perfect entry level in keeping with the knowledgeable. At present, BNB has retraced to $585.
Physician Revenue additional notes that different altcoins anticipated to retrace considerably embrace Optimism (OP), the Sei (SEI) token, Toncoin (TON), Notcoin (NOT), and Omni (OMNI).
These altcoins have recorded worth drops starting from 8% to 17%, reflecting investor sentiment. Physician Revenue supplies particular worth targets and optimum shopping for ranges for these altcoins.
Physician Revenue advises warning on account of potential “market maker manipulation” and order placements on the identical ranges. The analyst units orders 3-5% larger or decrease than the recognized optimum shopping for ranges to keep away from lacking out.
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Lastly, Physician Revenue highlights the upcoming Ethereum ETF launch on July 2nd. Whereas not anticipating a big pump on that day, much like the Bitcoin ETF launch, the analyst predicts a sideways or bearish development for altcoins within the subsequent 3-4 weeks.
Nonetheless, a big reversal and the beginning of a brand new altcoin rally are anticipated by mid-July. The analyst emphasizes that altcoins are at the moment low, and just a few will succeed. Based mostly on the supplied evaluation, Physician Revenue believes that the altcoin market cap is 10-15% away from its backside, making it an opportune time to speculate for long-term beneficial properties.
Featured picture from DALL-E, chart from TradingView.com
