Altcoins
Analyst Expects Altcoin Season as Crypto Whale Invests Millions
A prominent cryptocurrency analyst, Cyclop, has declared the start of an impending altcoin season, predicting significant gains for savvy investors. He believes this could be a period of immense profitability, with some altcoins poised to generate substantial returns.
The announcement coincides with notable activity from one crypto whale, which recently invested millions in altcoins, signaling confidence in the future trajectory of the market.
Analyst Predicts Altcoin Season
Cyclops’ analysis underlines the importance of strategic positioning and timing in this cycle. He notes that many altcoins could potentially generate 100x returns over the coming 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 looking to maximize their gains.
He explains that the primary growth phase of a bull run typically lasts about three months, a trend seen in every cycle and likely to recur in 2024. Cyclop outlines key indicators for spotting this growth period, such as Bitcoin (BTC) lose his dominance and reach a new all-time high.
This change historically triggers a surge in altcoin prices, marking the start of the other season.
Learn more: 11 Best Altcoin Exchanges for Crypto Trading in May 2024
Bitcoin Dominance. Source: Trading View
Cyclop highlights the nature of the crypto market, now recognized as a legitimate financial sector with the participation of large institutions. Market psychology also plays a role, as corrections and subsequent growth cycles generate fear of missing out, which further stimulates investment and price increases.
“Crypto has changed. Now, crypto is not a fuzzy industry or game. It is a separate financial sector in its own right. This year many big companies like BlackRock etc. have joined us. This is what could lead to the biggest alt-season of all time”, Cyclop said.
Investors should selectively choose strong altcoins aligned with 2024 market narratives. Cyclop highlights the need to have both a buying plan and a selling plan. He advises against trying to predict market troughs and peaks, recommending a gradual selling strategy.
For example, close 20-30% of positions each with 2x growth or based on market cap milestones.
Crypto Whale invests millions in Altcoins
Along with Cyclop’s predictions, a cryptocurrency whale recently spent nearly $25 million on altcoins within the Ethereum (ETH) ecosystem. The move follows the U.S. Securities and Exchange Commission’s approval of the listing applications. Ether spot 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 made an unrealized profit of $1.1 million” , Lookonchain said.
The whale also deposited around $20 million on Binance, purchasing over $9.3 million on Lido (LDO), $6.7 million on Uniswap (UNI), $5.4 million on Aave (AAVE) and other altcoins.
Learn more: Top 10 cryptocurrencies to invest in 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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