A crypto strategist known for accurately calling the 2021 digital asset cycle top believes that altcoins are poised to witness a bounce.<\/p>\n
The analyst pseudonymously known as Pentoshi tells<\/a> his 854,200 followers on the social media platform X that he\u2019s accumulating crypto assets believing that the altcoin market is gearing up for a recovery.<\/p>\n He says he\u2019s keeping a close watch on the OTHERS chart, which tracks the total market cap of crypto excluding the 10 largest digital assets and stablecoins.<\/p>\n \u201cIt\u2019s kinda hard for me to be bearish in this range. We can still fill it out more of course and it can chop around. I spoke a lot about taking out money as the bull run progressed and have begun to deploy some of that capital short term.\u201d<\/em><\/p>\n Looking at the trader\u2019s chart, he seems to predict that OTHERS, which some traders refer to as the altcoin index, can still drop to its immediate support at $247 billion before rallying close to $280 billion.<\/p>\n At time of writing, OTHERS is worth $270.195 billion.<\/p>\n One altcoin on his radar is the layer-1 protocol Injective (INJ<\/a>). The trader says<\/a> INJ appears to be setting up for a bounce as it respects its support at around $14.<\/p>\n \u201cThis area should give a pretty nice reaction in the near future. Also one of the better-performing coins from the 2023 lows.\u201d<\/em><\/p>\n At time of writing, INJ is worth $14.67, up nearly 9% on the day.<\/p>\n Pentoshi also says<\/a> he is optimistic about the future of crypto assets except for celebrity-themed memecoins.<\/p>\n \u201cI still think we have a super bright future. A golden era will return. Stablecoins being the number one use case for crypto will still grow exponentially with downstream effects. Not just for speculation either. Bitcoin is 100% now cemented into the future where it will be a global standard. Back then it wasn\u2019t so certain, especially in 2018. We\u2019ll see a lot of the real world come on-chain with life-changing opportunities for those who reach out and grasp it.<\/em><\/p>\n I might be bearish on the impact of celeb meme coins for example. I mean. Look at the state of the market while Bitcoin is at $100,000. But not bearish on the overall direction. These things work themselves out.\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Generated Image: Midjourney<\/span><\/em><\/p>\n<\/p><\/div>\n
\n
Check Price Action<\/a><\/span><\/em>
\n
Follow us on X<\/a>, Facebook<\/a> and Telegram<\/a><\/span><\/em>
\n
Surf The Daily Hodl Mix<\/a><\/span><\/em>
\n<\/p>\n
\n![](\"https:\/\/dailyhodl.com\/wp-content\/uploads\/2018\/06\/Get-Alerts-728x90.png\")
<\/center><\/p>\nDisclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n
![\"Image\"](\"https:\/\/pbs.twimg.com\/media\/GjZT6REWgAAkwVp?format=jpg&name=4096x4096\")
![\"Image\"](\"https:\/\/pbs.twimg.com\/media\/GjZmIimXcAAoIFn?format=jpg&name=4096x4096\")