A widely followed crypto analyst is leaning bullish on altcoins as Bitcoin (BTC) hovers below the $100,000 psychological level.
In a new strategy session, pseudonymous crypto trader Altcoin Sherpa tells his 236,200 followers on the social media platform X that altcoins are due to explode over the coming weeks.
According to Sherpa, one catalyst that will drive the altcoin rally is the fact that many of them have been capitulating for a long time.
“Coins like [privacy-focused] Oasis (ROSE) chopped around for YEARS and are still consolidating. Hard to think these won’t fully send.”
Sherpa further says that the layer-1 blockchain Tron (TRX) is another good example of an altcoin that underwent consolidation for years before it skyrocketed recently.
“So I expect something extremely strong for the next run here for these shitcoins because of how long they consolidated for. Not saying they’ll necessarily all hit or go past former all-time highs, but let’s see.”
The analyst also cites other reasons that fuel his bullish stance, such as Bitcoin’s (BTC) dominance level and the macro-environment.
“People call me bearish but I’m not bearish at all – I think that we’re going to have an incredible altcoin season in the coming months. This is due to several reasons (seasonality, Bitcoin dominance [at a] high, insane macro + government [environment], etc).”
On when to potentially take profits, Sherpa says,
“You don’t necessarily have to sell now; I don’t think it’s needed yet. We should have a great time in January/February. But if you mentally prepare yourself now, you will be more willing and able to sell later on, when you’re blinded by greed and insane gains.”
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