A widely known cryptocurrency analyst and trader is expressing a bullish outlook on altcoins.
The analyst, known by the pseudonym Sherpa, told his 220,000 followers on social media platform X that another rally similar to the one that occurred between November 2023 and March 2024 is likely.
On when the next altcoin rally will occur, Sherpa said:
“I think it will come out around December or January this year.
If Bitcoin cools off after hitting an all-time high, it will be set up well.”
According to an anonymous analyst, the next altcoin season could be relatively mild.
“But we’re still going to see some amazing, powerful moves, three to five times faster.
To be honest, a true altcoin season similar to January 2021 may be a few years away, but altcoins will mostly bounce (with a few outliers that stand out as normal).”
A widely-recognized analyst says that altcoins currently offering “good safe haven” trading opportunities include decentralized finance (DeFi) platform Aave (AAVE), XRP, and blue-chip layer 1 tokens BNB Chain (BNB) and Tron (TRX).
According to Sherpa, new coins like Solana-based decentralized physical infrastructure network io.net (IO), DeFi protocol BounceBit (BB), and Blast (BLAST) are “not very safe, but if Bitcoin holds up, they’ll probably be fine.”
The anonymous analyst said memecoins such as POPCAT, DOGWIFFHAT (WIF), and PEPE (PEPE) are riskier but offer potentially higher rewards.
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Featured image: Shutterstock/issaro prakalung