Crypto Analyst Anticipates a Major Altcoin Rally in the Market Cycle
A well-known crypto strategist believes that altcoins are on the verge of experiencing an unprecedented rally in the current market cycle. According to pseudonymous analyst Altcoin Psycho, altcoins typically witness significant upward movements during the second phase of a bull market. He predicts that traders who have profited from Bitcoin (BTC) and meme tokens will soon redirect their capital, triggering another round of rallies for altcoins.
Altcoins and the Second Leg Up
Altcoin Psycho asserts that the most substantial gains in a market cycle usually occur during the second leg up. Despite acknowledging that meme coins are likely to surge further, he emphasizes that the craziest price movements happen when liquidity from meme coins and BTC flows back into quality altcoins. Drawing from his experience in the crypto industry since 2014, he suggests that traders should anticipate a wild ride during this phase.
Favorable Conditions for Altcoins
The analyst is closely monitoring altcoins with no additional tokens to unlock, as these coins are unlikely to face heavy selling pressure due to their fully circulating supply. Altcoin Psycho recommends looking for tokens from previous cycles that have reached full unlock status and have yet to experience significant price increases. These tokens are expected to be the next candidates for a rally.
LooksRare (LOOKS): A Promising Altcoin
One altcoin on Altcoin Psychoโs radar is LOOKS, the native asset of the non-fungible token (NFT) marketplace LooksRare. The analyst notes several factors that make LOOKS an attractive investment:
- NFTs gaining momentum once again
- Formerly the second-largest NFT marketplace
- 100% unlocked tokens
As of now, LOOKS is trading at $0.124.
Hot Take: Altcoins Poised for an Unprecedented Rally
In summary, a prominent crypto analyst predicts that altcoins are gearing up for a major rally in the current market cycle. He expects altcoins to outperform Bitcoin and meme coins during the second leg up of the bull market. Altcoin Psycho advises traders to focus on altcoins with no additional tokens to unlock and tokens from previous cycles that have yet to experience significant price increases. As NFTs regain popularity, LOOKS, the native asset of LooksRare, appears to be a promising altcoin investment.