Famous cryptocurrency analyst, Cyclop, has just announced the beginning of an altcoin season, forecasting significant profits for smart investors. He advises that this could be a hugely profitable period, with some altcoins predicted to deliver quick returns.
This announcement coincides with notable activity by a crypto whale who recently invested millions of dollars in altcoins, demonstrating confidence in the future trajectory of the market.
Analyst predicts altcoin season
Cyclop's analysis underscores the importance of strategic positioning and timing during this cycle. He noted that many altcoins could deliver 100x returns in the next few months.
Source: Cyclop/X
According to Cyclop, understanding how to navigate this cycle, identifying optimal entry points, and knowing when to sell at all-time highs (ATHs) are important steps for investors looking to maximize returns .
He explains that the main growth phase of a bull run typically lasts about three months, a pattern observed in every cycle and likely to recur in 2024. Cyclop outlines key indicators for detect this period of growth, such as the BTC price reaching a new all-time high and the decline in Bitcoin's share of the market.
This change has historically triggered a surge in altcoin prices, marking the start of altcoin season.
BTC.D Daily Chart | Source: Cyclop/X
Cyclop emphasized the nature of the cryptocurrency market, which has now been recognized as a legitimate financial sector with the participation of large institutions. Market sentiment also plays an important role, as corrections and subsequent bull cycles create a fear of missing out (FOMO) effect, further driving investment and price increases.
“Cryptocurrency has changed. Now, cryptocurrency is no longer an obscure industry or a game. It is a completely separate financial sector. This year, many big companies like BlackRock, etc., joined us. This could be what leads to the biggest altcoin season ever,” Cyclop said.
Investors must select strong altcoins that align with the 2024 market narrative. Cyclop emphasized the need to have a buying and selling plan. He advises against trying to predict market bottoms and tops, instead adopting a gradual selling strategy.
For example, close 20-30% of the position with each doubling or based on market capitalization milestones.
Crypto whales invest millions of dollars in altcoins
Parallel to Cyclop's forecast, a crypto whale recently spent nearly $25 million on altcoins in the Ethereum (ETH) ecosystem. The move comes after the US Securities and Exchange Commission (SEC) approved Ethereum spot ETF applications.
Using 26.67 million USDT, crypto whales purchased 8,733 ETH for $3,050 ahead of the ETF news, resulting in over 6 million USD in unrealized profits.
“Following SEC approval of form 19b-4 for ETH ETFs, whales purchased $24.7 million worth of Ethereum ecosystem tokens and had unrealized profits of $1.1 million,” Lookonchain said know.
This whale also deposited about $20 million on Binance, buying over $9.3 million of Lido (LDO), $6.7 million of Uniswap (UNI), $5.4 million of Aave (AAVE), and other Other altcoins.
Crypto Whale Activity | Source: EtherScan
This significant investment reflects the growing optimism and strategic positioning of major investors about the market going forward.
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