Popular crypto analyst Kevin Svenson is expressing bullish sentiment on altcoins as he updates his outlook on a blockchain-based gaming protocol.
Svenson tells his 126,300 Twitter followers that the altcoin market is long overdue for a rally.
“We haven’t had an altseason since the end of 2021. It’s been down only since then for the majority of alts … Think about it. Do not be surprised to see them rally hard soon.
Many of them, literally right now, just starting to come off the lows.
SO MANY ALTS are likely about to pump. Just throw a dart at the board and you’ll hit something.”
One altcoin on the trader’s radar is the Ethereum (ETH)-based Gala (GALA), which he says is a project with strong fundamentals and investor demand.
“One of the main alts I’m watching right now is GALA. There’s TONS of demand for it, and it’s performing well now. I am long. I warned you one-two weeks ago altseason was coming. Get ready for some epic pumps!”
GALA is trading for $0.0323 at time of writing, up 5.3% during the last 24 hours.
Although Svenson is bullish on the short-term prospects of the altcoin markets, widely-followed crypto strategist Benjamin Cowen believes that an altcoin season is still a long way off.
Earlier this month, Cowen said that Bitcoin (BTC) and the broader crypto markets will likely witness one more sell-off event.
“In a correction scenario, the lower liquidity assets would actually get hit a lot harder than the ones that have more liquidity.
When you have corrections on Bitcoin/US dollar [pair] during the pre-halving year, liquidity in the altcoin market dries up quite substantially.
And so whenever a correction were to occur, you would likely see altcoins go down on not only their US dollar pairs but also still on their Bitcoin pairs as well.”
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