An important analyst said that the altcoin markets are gearing up for huge rallies amidst the healthy uptrend that we have been seeing. Check out the latest reports about this below.

According to a top analyst who accurately predicted the end of the Bitcoin (BTC) bull run in 2021, altcoins could be on the verge of experiencing massive rallies.

The analyst, known as Pentoshi, has a large following of 737,800 on the social media platform X. He is closely monitoring the TOTAL3 chart, which serves as a proxy for the entire altcoin market.

The chart tracks the market capitalization of all crypto assets, except for Bitcoin and Ethereum (ETH).

Pentoshi is predicting that TOTAL3 will rise by nearly 40% from its current levels after breaking through its resistance at $444 billion and turning it into support.

“So far so good, and we might have a period of dipping below or consolidating for a time around the previous range highs. So far, this has been a pretty healthy trend, with higher highs and higher lows. We’ve caught some great moves. Would love to see it go toward the upper range.”

The crypto strategist believes that TOTAL3 will reach $640.64 billion after the upcoming Bitcoin halving, scheduled for April.

Historically, this event has coincided with bull runs in the broader crypto markets. At present, TOTAL3 is trading at $462 billion.

As for Bitcoin, Pentoshi is uncertain about its potential price action in the coming days due to the U.S. Securities and Exchange Commission (SEC) decision on several BTC exchange-traded fund (ETF) applications.

However, the analyst predicts that BTC will continue trending upward in the long term.

“I’ve purposely not made any BTC post-ETF price predictions because I simply don’t know. Anyone who claims to know is full of sh*t, short term at least. Long term, I believe we go up and to the right. It’s programmed with how fiat and central banks work.”