A prominent cryptocurrency analyst, Cyclop, has declared the beginning of an impending altcoin season, predicting significant gains for savvy investors. He advises that this could be a period of immense profitability, with certain altcoins poised to deliver substantial returns.
The announcement coincides with notable activity from a crypto whale, who recently invested millions in altcoins, signaling confidence in the market’s future trajectory.
Analyst Predicts Altcoin Season
Cyclop’s analysis emphasizes the importance of strategic positioning and timing in this cycle. He notes that many altcoins could potentially yield 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 spans around three months, a pattern observed in every cycle and likely to recur in 2024. Cyclop outlines key indicators for spotting this growth period, such as Bitcoin (BTC) losing its dominance and achieving a new all-time high.
This shift historically triggers a surge in altcoin prices, marking the start of the altseason.
Read more: 11 Best Altcoin Exchanges for Crypto Trading in May 2024
Bitcoin Dominance. Source: TradingView
Cyclop highlights the nature of the crypto 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 fear of missing out, further driving investments and price increases.
“Crypto has changed. Now, crypto is not some unclear industry or game. It’s a fully-fledged separate financial sector. This year, many large companies such as BlackRock, etc., have joined us. This is what could lead to the biggest altseason ever,” Cyclop said.
Investors must selectively choose strong altcoins aligned with the 2024 market narratives. Cyclop stresses the necessity of having both a buy and a sell plan. He advises against trying to predict market bottoms and tops, recommending a gradual selling strategy.
For instance, 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 US Securities and Exchange Commission’s approval of applications to list 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 bought $24.7 million worth of Ethereum ecosystem tokens and has an unrealized profit of $1.1 million,” Lookonchain said.
The whale also deposited around $20 million on Binance, purchasing over $9.3 million in Lido (LDO), $6.7 million in Uniswap (UNI), $5.4 million in Aave (AAVE), and other altcoins.
Read more: Top 10 Cryptocurrencies to Invest in June 2024
Crypto Whale Activity. Source: EtherScan
This significant investment reflects major players’ growing optimism and strategic positioning in anticipation of the upcoming altcoin season.
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