A widely followed cryptocurrency analyst and trader is expressing bullish outlook on altcoins.
The analyst pseudonymously known as Sherpa tells his 220,000 followers on the social media platform X that altcoins are likely to experience another rally similar to the one that occurred between November of 2023 and March 2024.
On when the next altcoin rally could occur, Sherpa says,
“I think it will probably come around December/January of this year.
It will set up well with Bitcoin hopefully hitting an all-time high and then cooling.”
According to the pseudonymous analyst, the next altcoin season could be relatively mild.
“But we’re still going to see some amazing/strong moves where altcoins move 3x to 5x+
True altcoin season similar to January 2021 might not happen for years to be honest. But altcoins will bounce back for the most part (with only a few outliers truly standing out, as normal).”
The widely followed analyst says that altcoins currently offering “good safe” trade 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 such as the Solana-based Decentralized Physical Infrastructure Network io.net (IO), DeFi protocols BounceBit (BB) and Blast (BLAST) are “not so safe but probably okay if Bitcoin holds.”
The pseudonymous analyst further says that memecoins such as Popcat (POPCAT), dogwifhat (WIF) and Pepe (PEPE) are riskier but offer potentially higher rewards.
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Featured Image: Shutterstock/issaro prakalung