Famous analyst speaks: "Buy a house, buy altcoin!"

A famous crypto investor said that the altcoin market is in a nice area to buy.

Cryptocurrency analyst Luke Martin, in his post on August 28th, told his 331,500 followers, “Altcoins are currently at buying levels. You can even sell your house for this.”

The ‘Altcoin buy signal’ chart provides investors with an indicator of when the general altcoin market is at a buying point based on historical data. Martin said that Bitcoin (BTC) increased sixfold in the second half of the year when its price was at this level in the summer of 2020.

Various metrics are promising for the altcoin market value

Martin wrote, ‘Prices gained momentum towards 60,000 from 10,000 in the next 6 months.’ Meanwhile, a cryptocurrency investor named Mags said, ‘The altcoin market cap (TOTAL2) is forming a falling wedge pattern indicating an upward trend.’ Mags added, ‘The breakout will trigger a nice upward rally.’

Among the top 10 cryptocurrencies, Toncoin (TON), after the arrest of Telegram CEO Pavel Durov in France on August 24, experienced the biggest drop in the last seven days, falling to $5.57, a decrease of 15.31%.

Other cryptocurrencies, on the other hand, have experienced significant declines since reaching their highest levels since the beginning of the year in March. These levels coincided with Bitcoin’s all-time high of $73,679.

According to TradingView, TOTAL2 is $195.07 billion. Michael van de Poppe, the founder of MN Consultancy, emphasized in his post on August 25th that this is still 47% below the peaks. The altcoin market cap reached $446.85 billion in November 2021.

This article does not contain investment advice or recommendation. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.