- Renowned crypto analyst Doctor Profit has released a pivotal “Big Altcoin Report” for Q3, predicting further declines in the market.
- Despite the bearish outlook, Doctor Profit identifies potential entry points and buying opportunities for several top-performing altcoins.
- “Corrections are a natural part of market cycles and can often present prime investment opportunities,” Doctor Profit states.
Discover the latest insights from Doctor Profit on altcoin market predictions and potential buying opportunities amid market corrections.
Altcoin Market Correction Dynamics
According to Doctor Profit, recent exponential growth saw the altcoin market cap surge from $300 billion to $800 billion within five months, marking a 150% increase. Despite a recent 25% correction, bringing the market cap down to $550 billion, Doctor Profit sees this as a healthy, necessary adjustment.
He compares these trends to previous market cycles, asserting that altcoins are nearing their bottom and forecasting a total market cap of $1 trillion, a potential new all-time high.
Doctor Profit outlines specific altcoins that he believes have hit optimal buying levels, including The Sandbox (SAND) trading at $0.31, with a suggested retracement target of $0.22. Similarly, Stacks (STX) at $1.61 may see its optimal buying zone at $1.48, and Arbitrum (ARB) at $0.78 could find an optimal buy point at $0.61.
Potential Mid-July Rally
Analyzing larger altcoins, Doctor Profit discusses Ethereum (ETH), currently down 3% to $3,430, recommending an entry point around $2,890. Binance Coin (BNB), after hitting a new high of $725, now sits at $585, with an optimal entry at $396.
Additional altcoins anticipated to retrace significantly include Optimism (OP), Sei (SEI), Toncoin (TON), Notcoin (NOT), and Omni (OMNI), with price drops ranging from 8%-17%. Specific buy levels are provided to leverage these drops.
He warns of “market maker manipulation,” advising placing orders around 3-5% above or below identified entry points to secure positions.
Conclusion
With the Ethereum ETF launch on July 2nd, Doctor Profit doesn’t anticipate an immediate pump but expects a steady trend for altcoins over the next few weeks. By mid-July, however, he predicts a significant market reversal and the start of an altcoin rally, highlighting the current low prices as an advantageous long-term investment opportunity. As per his analysis, the altcoin market is approximately 10-15% from its bottom, making it an optimal time for strategic investments.
