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Renowned cryptocurrency analyst Dr. Proffitt recently released the “Big Altcoin Report” for the third quarter of the year, indicating further downward movement for the market.
Based on Historical performance And the current state of the market, Dr. Proffitt warns of an imminent collapse in the altcoin market caused by a cycle of uncertainty and the recent price correction in the top 100 cryptocurrencies, led by Bitcoin (BTC).
But the analyst remains optimistic. Highlight Potential buying opportunities and ideal entry points for many of the top altcoins.
Altcoin market correction
Dr. Proffitt draws attention to the recent explosive growth of the altcoin market, with the market capitalization rising from $300 billion to nearly $800 billion between October 2023 and March 2024, representing a 150% increase in just five months.
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Corrections following such significant growth are normal but can be challenging for retail investors. The last correction was 25%, reaching… Market value To about $550 billion, it is considered a healthy revision by analysts.
Dr. Proffitt believes that altcoins have almost bottomed out and are poised for another big rally, potentially reaching a $1 trillion market cap and hitting all-time highs.
The analyst parallels the current market situation and previous cycles, focusing on the recurring pattern Lateral movement and dumps Followed by tremendous growth. Doctor Profit identifies several altcoins with ideal buying levels based on their current prices and expected corrections.
For example, the native cryptocurrency of the 3D Metaverse game, The Sandbox (SAND), is currently trading at $0.31. Dr. Proffit points out that a potential bounce of $0.22 would provide an ideal buying area.
Another altcoin, Stacks (STX), which is the Bitcoin Layer 2 token, is currently trading at $1.61. Dr. Proffitt recommends setting a downside target and a $1.48 buy zone. Likewise, arbitrum (ARB), a Second layer symbol, is currently trading at $0.78, with losses of more than 10%. Doctor Profit identifies the $0.61 area as the best buy zone for this token, indicating more losses in the coming days.
Expected to rise in mid-July
Moving on to larger altcoins, Dr. Proffitt analyzes Ethereum (ETH), the second largest cryptocurrency. Despite being the largest altcoin, Ethereum has seen a 3% decline, with the current trading price at $3,430. Dr. Proffitt’s analysis indicates a possible decline towards the $2890 level, indicating an entry point for a long position.
Binance Coin (BNB), which recently reached a new high Highest level ever From $725, it is expected to decline by approximately 50% to $396, representing the best entry point according to the expert. Currently, BNB price has fallen to $585.
Dr. Proffitt also notes that other altcoins that are expected to decline significantly include Optimism (OP), Sei Token (SEI), Toncoin (TON), Notcoin (NOT), and Omni (OMNI).
These altcoins have recorded price declines ranging from 8% to 17%, reflecting investor sentiment. Doctor Profit provides specific price targets and ideal buying levels for these altcoins.
Dr. Proffitt advises caution due to “potential market maker manipulation” and placing orders at the same levels. The analyst limits orders at 3-5% above or below the specified ideal buying levels to avoid missing out on the opportunity.
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Finally, Dr. Proffitt highlights the upcoming launch of the ETF on July 2nd. Although no major injection is expected that day, similar to the launch of a Bitcoin ETF, the analyst expects a sideways or bearish trend for altcoins in the next 3-4 weeks.
However, a major reversal and the start of a new altcoin rally are expected by mid-July. The analyst stresses that altcoins are currently low, and only a few of them will succeed. Based on the analysis presented, Dr. Proffitt believes that the altcoin market cap is 10-15% away from its bottom, making it a good time to invest for long-term gains.
Featured image of DALL-E, chart from TradingView.com
