A closely followed analyst believes that one top-30 altcoin may put up massive gains in the near term.
Pseudonymous analyst Altcoin Sherpa tells his 245,300 followers on the social media platform X that the utility token of the decentralized open financial system Hyperliquid (HYPE) may increase 150% from its current value as it prints a bullish pattern on the daily chart.
“Bought a small HYPE perp position [April 30th]; not sure how long I’ll hold for. Still one of the best utility coins and projects out there and it’s slowly grinding higher. Wouldn’t be surprised to see this go to $50 or something if BTC [and] trading conditions remain healthy.”
HYPE is trading at $20.10 at time of writing, up 6.3% in the last 24 hours.
The analyst also suggests that traditional four-year crypto cycles are likely over, and alts may start following a different price pattern.
The four-year cycle is based on the idea that crypto follows Bitcoin’s halvings when BTC miners’ rewards are cut in half, which happen roughly every four years and tend to precede upward price movements.
“No more four-year cycles where coins have to go through two years of accumulation like before, in my opinion. I think we’re going to just see extreme moves to the upside and downside from here on out (in anywhere from three-six months time). Alts will go 50%-90% down and then do a few x after.”
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
Credit: Source link
