‘Not All Hope Is Lost’: Crypto Analyst Weighs In On The Market’s Performance
03 August 2024 - 9:00AM
NEWSBTC
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. Related Reading: New Memecoin
Sensation Neiro Hits $200 Million Market Cap In Four Days 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.
Featured Image from Unsplash.com, Chart from TradingView.com
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