Markets
Analysts Expect Altcoin Season as Crypto Whale Invests Millions
A leading cryptocurrency analyst, Cyclop, has declared the start of an imminent altcoin season, predicting significant gains for savvy investors. According to him, this could be a period of immense profitability, with some altcoins poised to deliver substantial returns.
The announcement coincides with notable activity from a crypto whale, which recently invested millions in altcoins, signaling confidence in the market’s future trajectory.
Analyst Predicts Altcoin Season
Cyclops’ analysis points out the importance of strategic positioning and timing in this cycle. Note that many altcoins could potentially produce 100x returns within the next few months.
According to Cyclop, understanding how to navigate this cycle, identifying optimal entry points, and knowing when to sell at all-time highs (ATH) are crucial steps for investors aiming to maximize their gains.
He explains that the primary growth phase of a bull run typically lasts about three months, a pattern seen in every cycle and likely to repeat itself in 2024. Cyclop outlines key indicators to spot this period of growth, such as Bitcoin (BTC) losing its dominance and reaching a new all-time high.
This change historically triggers a surge in altcoin prices, marking the beginning of high season.
To know more: 11 Best Altcoin Exchanges for Cryptocurrency Trading in May 2024
Bitcoin dominance. Source: TradingView
Cyclop highlights the nature of the cryptocurrency market, now recognized as a legitimate financial sector with participation from major institutions. Market psychology also plays a role, as corrections and subsequent growth cycles generate the fear of missing out, further driving investment and price increases.
“Cryptocurrencies have changed. Now, cryptocurrencies are not an unclear industry or game. It is a separate financial sector for all intents and purposes. This year, many large companies such as BlackRock, etc. have joined us. This is what could lead to the biggest peak season ever,” Cyclop She said.
Investors must selectively choose strong altcoins in line with the market narratives of 2024. Cyclop emphasizes the need to have both a buying and selling plan. He advises against trying to predict market lows and highs, recommending a gradual selling strategy.
For example, closing 20-30% of positions with each 2x growth or based on market cap milestones.
Crypto Whale Invests Millions in Altcoins
Parallel to Cyclop’s predictions, a cryptocurrency whale recently spent nearly $25 million on altcoins within the Ethereum (ETH) ecosystem. This move followed the approval of listing applications by the US Securities and Exchange Commission spot Ether, exchange traded funds (ETFs).
Using 26.67 million USDT, the crypto whale acquired 8,733 ETH at $3,050 before the ETF news, resulting in an unrealized gain of over $6 million.
“After the SEC approved Form 19b-4 for ETH ETFs, the whale purchased $24.7 million worth of Ethereum ecosystem tokens and has an unrealized profit of $1.1 million” , Lookonchain She said.
The whale also deposited around $20 million on Binance, buying over $9.3 million on Lido (LDO), $6.7 million on Uniswap (UNI), $5.4 million on Aave (AAVE) and other altcoins.
To know more: The 10 best cryptocurrencies to invest in June 2024
This significant investment reflects the growing optimism and strategic positioning of major players ahead of the upcoming altcoin season.
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