A widely followed crypto analyst is leaning bullishly on altcoins as Bitcoin (BTC) hovers below the psychological $100,000 level.
In a new strategy session, pseudonymous crypto trader Altcoin Sherpa tells his 236,200 followers on the social media platform X indicate that altcoins will explode in the coming weeks.
According to Sherpa, one of the catalysts that will drive the altcoin rally is the fact that many of them have been capitulating for a long time.
“Coins like [privacy-focused] Oasis (ROSE) has been floating around for YEARS and is still consolidating. Hard to think these won’t ship in full.
Sherpa on say that the layer-1 blockchain Tron (TRX) is another good example of an altcoin that underwent years of consolidation before recently skyrocketing.
“So I expect something extremely strong for the next run here for these shitcoins, because of how long they’ve been consolidated. I’m not saying they will necessarily all reach or pass past all-time highs, but let’s see.”
The analyst too quotes other reasons fueling his bullish stance, such as Bitcoin’s (BTC) dominance level and the macro environment.
“People call me bearish, but I’m not bearish at all. I think we’re going to have an incredible altcoin season in the coming months. This is due to several reasons (seasonality, Bitcoin dominance). [at a] high, insane macro + government [environment]etc.).”
On when you might need to take profits, Sherpa say,
“You don’t necessarily have to sell now; I don’t think it’s necessary anymore. We should have a great time in January/February. But if you mentally prepare yourself now, you will be more willing and able to sell later, when you are blinded by greed and crazy profits.”
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Generated image: Midjourney