A widely followed analyst is flipping bullish on altcoins after the crypto market’s sudden correction over the weekend.
Pseudonymous crypto trader Kaleo tells his 682,500 followers on the social media platform X that the digital assets market may soon be entering an “up only” phase based on the Bitcoin dominance (BTC.D) chart having potentially reached a local top.
Traders use BTC.D to see if altcoins are outperforming Bitcoin as the metric calculates how much of the crypto market cap belongs to BTC.
Says Kaleo,
“Bitcoin Dominance shot up with the last leg of that flush. Shouldn’t be much longer before we see alts start to outperform again.”
BTC.D currently sits at 61.33% after reaching a weekend high of $64.09%.
The trader believes multiple altcoins have hit their market bottoms – including memecoin Pepe (PEPE) – and are gearing up for massive rallies.
“PEPE target hit. Commence the bounce.”
Looking at his chart, the trader suggests PEPE will surge beyond $0.00001600 this month.
PEPE is trading for $0.00001019 at time of writing, up 10.3% in the last 24 hours.
Next up, the trader predicts that Ethereum (ETH) competitor Solana (SOL) is on its way to $1,000 after dipping below the $200 mark.
“SOL under $200 is free. Send to $1,000+ resumes soon.”
SOL is trading for $207 at time of writing, up 1% in the last 24 hours.
Kaleo also says that layer-1 blockchain Avalanche (AVAX) may soon reclaim the $50 level as support.
“AVAX wicked beneath HTF (high timeframe) support, already is on the verge of reclaiming it. Expecting this momentum to lead to a quick move to $50+ from here.”
AVAX is trading for $27.43 at time of writing, down 6.3% in the last 24 hours.
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