Analyst Says Altcoin Market ‘Bottoming Out,’ Eyes $70K For BTC This Week By Benzinga

Benzinga – by Shivdeep Dhaliwal, Benzinga Editor.

Major coins were seen trading higher on Sunday evening as the global cryptocurrency market cap rose 4.2% to $2.55 trillion.

What Happened: The surge in the prices of major coins was in contrast with other risk assets like equities which declined in pre-market trading at the time of writing.

Investor sentiment in the cryptocurrency market was primarily characterized by “Greed” as the new trading week commenced. Although the Crypto Fear and Greed Index showed “Extreme Greed” last week, the sentiment had moderated by the time of this writing.

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Cryptocurrency analyst Michaël van de Poppe said on Sunday that while looking at weekly candles across the market it is apparent that we are “relatively bottoming” out for most Altcoins. On Bitcoin, he said that it is likely that the apex cryptocurrency will test the $70,000 level in the upcoming week.

Looking at the weekly candles across the markets, it seems like we’re relatively bottoming out for most of the #Altcoins.

I think it’s also likely Bitcoin tests $70K upcoming week, including a lot of strength on the altcoin markets.

— Michaël van de Poppe (@CryptoMichNL) March 24, 2024

Over the weekend, cryptocurrency analyst Ali Martinez said that Bitcoin had witnessed its biggest surge in dormant tokens changing hands over more than two years which signals a “potential increase in price volatility ahead.”

#Bitcoin has just witnessed its biggest surge in dormant $BTC tokens changing hands in more than two years, signaling a potential increase in price volatility ahead. pic.twitter.com/8tLXOrVI8U

— Ali (@ali_charts) March 23, 2024

Read Next: Milli Skyrockets 80% After MEXC Crypto Exchange Listing, Leaving BONK, Dogecoin, Shiba Inu In The Dust

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