Markets
Analyst Expects Altcoin Season as Crypto Whale Invests Millions
A prominent cryptocurrency analyst, Cyclop, has declared the start of an imminent altcoin season, predicting significant gains for savvy investors. He advises that this could be a period of immense profitability, with certain altcoins poised to generate substantial returns.
The announcement coincides with notable activity from a crypto whale, which recently invested millions in altcoins, signaling confidence in the future trajectory of the market.
Analyst Predicts Altcoin Season
Cyclops Analysis emphasizes the importance of strategic positioning and timing in this cycle. He notes that many altcoins could yield 100x returns in the coming months.
According to Cyclop, understanding how to navigate this cycle, identifying ideal 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 pattern seen in all cycles and one that is likely to repeat in 2024. Cyclop describes key indicators for detecting this period of growth, such as Bitcoin (BTC) losing its dominance and reaching a new all-time high.
This change historically triggers a rise in altcoin prices, marking the beginning of the alternate season.
See more information: 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, further driving investment and price increases.
“Encryption has changed. Now, cryptography is not an unclear industry or game. It is an entirely separate financial sector. This year, many big companies like BlackRock, etc., joined us. This is what could lead to the biggest alt season ever,” Cyclop said. he said.
Investors should selectively choose altcoins that are strong and aligned with the 2024 market narratives. Cyclop emphasizes the need to have a buying plan and a selling plan. He advises against trying to predict market lows and highs, recommending a gradual selling strategy.
For example, closing 20-30% of positions at every 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 measure followed the approval by the US Securities and Exchange Commission of the listing applications exchange-traded funds (ETFs) Ether spot.
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 he said.
The whale also deposited around $20 million into Binance, purchasing over $9.3 million in Lido (LDO), $6.7 million in Uniswap (UNI), $5.4 million in Aave (AAVE) and other altcoins.
See more information: Top 10 Cryptocurrencies to Invest in June 2024
This significant investment reflects the growing optimism and strategic positioning of major players in anticipation of the upcoming altcoin season.
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