Having a large following in the cryptocurrency world, Il Capo of Crypto made important statements. He shared his predictions about the altcoin market, especially in his latest analysis. Focusing on the OTHERS chart, which shows the total market value of all cryptocurrencies except Bitcoin and major altcoins, he made remarkable evaluations on this subject. The analyst's comments had a great impact among investors and the crypto community.
What to Expect in the Altcoin Market?
il Capo of Crypto drew attention to the downtrend that has been going on since March, emphasizing that the increases experienced after the break of this trend are at a critical turning point. According to the analyst, the first confirmation of the bull market is in the past. The altcoin market is currently testing a new resistance zone, and the OTHERS chart is around $ 232 billion. If a movement occurs above this level, he predicts that the market may receive a second bullish confirmation. The $ 250 billion level in particular is considered an important turning point; it is stated that if this level is reached, a stronger uptrend may begin.
The cryptocurrency market has historically been generally positive in October. Il Capo drew attention to this trend, stating that the market could experience a short-term correction as October approaches. He emphasized that this correction could coincide with the Bitcoin price testing the $65,000 level or slightly below. However, Il Capo maintains an optimistic attitude about the altcoin market and Bitcoin in general. Although he expects a pullback in the short term, he foresees bullish developments in the medium and long term.
What is the OTHERS Chart and Why is it Important?
The OTHERS chart represents the total market value of altcoins, excluding large-cap cryptocurrencies like Bitcoin and Ethereum. This chart is of great importance to investors because it shows the overall health of the market and the demand level of smaller altcoins. Bitcoin’s price movements usually affect the entire crypto market; however, the OTHERS chart is used to better understand the performance of smaller projects. If the $250 billion level mentioned by il Capo is exceeded, it will indicate that smaller altcoins are in greater demand in the market as a whole. This indicates that investors are turning to risky assets and the general confidence of the market is increasing. If this level is exceeded, more investors are expected to enter the market and altcoins are expected to start a new rally.
How Does Bitcoin Reaching $65,000 Affect Altcoins?
The cryptocurrency market, which continues under the leadership of Bitcoin, has entered a critical phase. While maintaining its upward trend in the long term, il Capo of Crypto states that Bitcoin may test the $ 65,000 level in the coming period. A stronger movement is expected in the altcoin market after this test. He also emphasizes that the pullback in Bitcoin may create a buying opportunity for altcoins. Bitcoin's price movements usually have a decisive effect on the entire market. If Bitcoin finds support at the $ 65,000 level, this will be a positive signal for altcoins. According to il Capo's analysis, it is important for investors to be careful and be prepared for short-term pullbacks in the markets. Closely following the price movements of Bitcoin and altcoins is a critical requirement for investors to be able to take positions at the right time.
