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Pseudonymous cryptocurrency trader smileycapital provided a comprehensive outlook on the current crypto market, focusing on the bottoming process of altcoins, the future of Ethereum ETH/USD and the range-bound nature of Bitcoin BTC/USD.

What Happened: Smileycapital believes that altcoins are in a high time frame (HTF) bottoming process. "Sellers momentum is weaker as weeks go by," he remarked, predicting that this trend will continue into Q3, with altcoins starting to uptrend around September.

According to him, altcoin to Bitcoin ratios are also low, indicating that altcoin prices in USD shouldnt fall much further. He advises looking for HTF formations, particularly 3-4 taps on daily and weekly charts, as some altcoins might start to outpace major coins, hinting at market shifts.

Also Read: Top Trader Went All-In On Altcoins Only To See Them Crash: This Is The Time That Youd Want To Risk More

Why It Matters: For the active traders, Smileycapital advises that until market conditions shift swinging all positions long is not advisable. He stated, "Take profit. Good short? Take profit. Good long? Take profit."

For the passive investors, he suggested optimism is key and recommends not over-rotating investments. "Think alts at these levels are very attractive for long-term holds," he notes, suggesting a gradual dollar-cost-averaging (DCA) strategy.

Smileycapital's nuanced crypto market view suggests active traders should focus on profit-taking and adaptive strategies. Meanwhile, passive investors should maintain their conviction and consider long-term positioning in undervalued altcoins.

Whats Next: The influence ofBitcoin as an institutional asset classis expected to be thoroughly explored at Benzingas upcomingFuture of Digital Assetsevent on Nov. 19.

Read Next: Top Crypto Analyst Sees Ethereum, Altcoin Reversal Coming: Back Up In The Next Few Weeks

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image created using artificial intelligence with Midjourney.

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Where Do Bitcoin And Ethereum Go From Here? - Benzinga