As the crypto market faces another drop, a pessimistic sentiment surged again. Some investors seem to fear that altcoins won’t take off this cycle and that they have lost their chance of profiting from the bull run. However, renowned analyst Altcoin Sherpa weighed in on the matter, suggesting that the market is set up to “do well” in the coming months.
What Makes This Cycle Not Like Others?
A few months ago, Altcoin Sherpa addressed the pessimistic sentiment brewing among some sectors of the crypto community. In an X post, the analyst asserted that Altcoins had to “cool off” for a few months before resuming the bull run. He also emphasized that this cycle differed from previous ones.
Related Reading: Solana Looks ‘Ripe To Push Higher’, Is A Mania-Like Rally To $600 Coming?
At the time, Sherpa highlighted that altcoins’ performance didn’t meet expectations during the first part of the bull run. Additionally, he suggested the market was heavily affected by the overabundance of projects and fragmented liquidity. This cycle, attention has been mostly captured by a few sectors like memecoins and AI tokens.
In a new X thread, Sherpa reaffirmed his previous analysis. “This has definitely been a weird cycle so far; not similar at all to 2021 or 2017,” the analyst said. He pointed out that crypto investors “aren’t really up that much” despite Bitcoin (BTC) nearing all-time high (ATH) prices.
Due to the singularities of this cycle, recommending “DCA and just holding the projects that you like and holding forever” is no longer an option for the analyst. The overabundance of tokens makes predicting the cycle winners “very hard,” which makes “picking your shitcoins pretty important.”
As a result, the analyst suggested that investors learn some trading concepts, study momentum, and understand market dynamics. To Sherpa, understanding the market is key, “now more than ever”, so that investors can be prepared for “when the market REALLY starts to move later this year.”
But I think that slower times like these is where it’s important to learn and educate yourself for the coming moves.
Crypto Market Is Down But “Not All Hope Is Lost”
Sherpa emphasized that the crypto market will resume its bullish performance in the coming months. “The good thing is that BTC is still going to break ATH later this year and $ETH is also going to do well,” read the post.
The analyst disagreed with those who believe that Altcoins will have an altseason reminiscent of previous cycles and that we are early in the bull market. To him, it is “very unlikely” that all altcoins will go “to full send like in 2021” or even 2017.
Despite the cycle differences, he considers most cryptocurrencies might have a decent performance compared to current prices. Moreover, he deemed that some altcoins will have remarkable rallies.
In the post, sherpa predicted that the crypto market will have a massive Q4, as it historically does. Ultimately, investors will seemingly get another opportunity to profit from the bull market:
As I said, not all hope is lost. We’re going to have a huge Q4 as we always do. The macro-environment should be solid and BTC should break all-time highs, which sets up for a huge November-January time period. Be lucky that you get another chance at this bull market.
#CryptocurrencyMarketNews, #Altcoins, #Altseason, #Bitcoin, #Btc, #BTCUSDT, #CryptoAnalyst, #CryptoMarket, #CryptoMarketSentiment, #ETH, #Ethereum, #Total, #TotalCryptoMaketCap