A prominent crypto strategist has forecasted a potential surge in the value of alternative cryptocurrencies, often referred to as altcoins, surpassing anything witnessed in the current market cycle.
The pseudonymous cryptocurrency analyst, Altcoin Psycho, shared a post on the microblogging platform X (formerly Twitter) with their nearly 500,000 followers, noting there have been significant upward trends for altcoins during the second phase of a bull market.
The analyst predicted that investors who profited from Bitcoin and meme-inspired cryptocurrencies will likely reinvest their earnings, igniting another round of rallies within the altcoin market.
The analyst noted that they expected to see even greater gains as the liquidity invested in BTC and memecoins rotates into “established altcoins.” While they believe memecoins “still have room for growth,” experience in the space suggests that the second part of the bull run “is by far the craziest (in a good way).”
Altcoin Psycho has specifically identified altcoins with no forthcoming token unlocks, implying that these coins are less susceptible to significant sell-off pressure due to their fully circulated supply.
In a separate post on X, the analyst told investors the tokens “with strong weekly candle closes” are those that “next up to run.” The predictions come at a time in which cryptocurrency prices have been surging, to the point Bitcoin recently hit a new all-time high.
Bitcoin’s price rise was fueled by the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States and the cryptocurrency’s upcoming halving event, which will cut the coinbase reward miners receive per block found in half.
Featured image via Pixabay.
