A crypto strategist with a history of timely Bitcoin (BTC) calls believes that the digital asset market will flourish this month.
Pseudonymous analyst Pentoshi tells his 868,800 followers on the social media platform X that he sees the crypto markets rallying this month amid a slew of bullish catalysts.
Its the start of a new quarter and a new month.
Its also Jubilant July.
I gotta say. I feel extremely refreshed for the first time in a long time with all the positives happening. Stablecoin legislation is moving forward. More rails are being connected with traditional finance, banks and consumers. Crypto will continue to grow as a focus in global markets.
Lets also not forget the fiscal and monetary tailwinds that are coming.
As for the fiscal tailwinds, the analyst says that the US is positioning to ease monetary policies to stimulate economic growth, while Bitcoin and US equities are in a strong uptrend.
If youre bearish, consider this.
The market has, for now, failed to prove a bullish bias to be incorrect.
When there is FUD (fear, uncertainty and doubt), it V reverses into new highs each time. No matter how extreme the FUD.
Market structure is intact on high time frames. BTC and stocks are at or around all-time highs.
The largest economy in the world is openly discussing outgrowing its debt by spending more.
The largest economy in the world is openly discussing lowering interest rates, which in this instance would likely stoke both inflation/growth.
If the market proves these ideas to be incorrect, then you can pivot. I see no reason to be bearish on markets with this in mind.
Turning to altcoins, Pentoshi says hes keeping a close eye on the OTHERS chart, which tracks the total market capitalization of crypto, excluding the 10 largest digital assets and stablecoins.
The analyst predicts that OTHERS will soar close to $400 billion, indicating massive upside potential for altcoins.
I do think many alts will likely cook for the next few weeks.
Just feels like… sellers have run out of momentum. Many of them look better than they have in quite some time.
I think you could essentially use last week‘s lows as a point we shouldn’t lose on most of these…
I think we see others play out something like drawn below.
Source: Pentoshi/X
At time of writing, OTHERS is trading at $229 billion.
Generated Image: Midjourney