A cryptocurrency trader and analyst has issued a warning about the potential price performance of altcoins in the current cycle.
The analyst, known by the pseudonym Sherpa, tells his 11,399 YouTube subscribers that altcoins may underperform in the current cycle compared to other cycles or periods.
“Your altcoin may not see crazy multiples like it did earlier this year. It may not hit all-time highs like it did in 2021. Your altcoin may simply have already peaked in this cycle.”
The anonymous analyst also said:
“Overall goals need to be set realistically and don’t assume that just because Bitcoin is really strong, altcoins will also go back up to previous highs.
As I said, the market dynamics have changed quite a bit. It’s very different, and it’s not at all like the market in 2021. And just because there’s flow in one coin doesn’t mean there’s flow in all coins. So we’re not going to see this kind of (parabolic) price action in many coins for a long time.”
However, Sherpa said he was bullish on Bitcoin (BTC) and some altcoins.
“I think Bitcoin will go to $100,000 in the next few months. I don’t think the cycle is over yet. I do believe some altcoins will hit new all-time highs in USD value, but it’s unclear which ones.”
As of this writing, Bitcoin is trading at $60,101.
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