- One crypto analyst says that technical indicators show that the tide is turning, and the long-awaited altcoin season beckons, with some popular coins already notching gains in recent days.
- He added that 99% of meme coins will be dumped, and investors will lose their money, urging investors to focus on more reputable altcoins, especially those targeting AI.
The altcoin season is almost here, and traders who invest in the right tokens will make millions, says one crypto analyst.
Known as House of Crypto to his 137,000 subscribers, the analyst based his prediction on the bearish MACD crossover in Bitcoin’s dominance. The last three times this has happened—2017, 2020, and 2021 — have ushered in the altcoin season, as shown below.
BTC Dominance is about to make a bearish cross on the 3W-Chart and people still doubt if an Altseason will happen lol.
I hope you guys didn’t get shaken out, but good things take time.
I’m not selling, on the contrary, i add quality alts to my bags. pic.twitter.com/sYZrdWAmrf
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 (@el_crypto_prof) June 19, 2024
The analyst says that the crossover is happening right now, “and we are about to fall into another altcoins season.”
According to the analyst, crypto goes through three phases before a massive breakout. The first is depression, where the prices are suppressed, and retail stays away. It’s followed by a short-lived price rise, known as the hope phase, which attracts retail.
However, the third phase, known as shakeout, is marked by a massive dip which shakes out retail and casual investors. This is when the big money likes to come in and accumulate the tokens, setting the stage for massive gains.
We know that this game is manipulated to make you part with your money.
The analyst believes we are at the end of the shakeout and are about to embark on a massive bull rally for the altcoins.
He singled out BeamX as one altcoin with a high upside—the token has gained 15% in the past day after a big dip earlier in the week. He also claimed Render, SingularityNET’s AGIX, and Arweave are in a great buying phase—they have all dipped in the past week.
The analyst warned against investing in XRP, XTC, XLM, and QNT, which he says “are not showing signs of strength.”
Meme coins have been among the biggest gainers in altcoin seasons. However, according to the analyst, investing in 99% of meme coins might be too big a risk. There are a few that will match the altcoin season momentum and hit new highs.
He likened the meme coin mania to the 2022 NFT hype, where several celebs jumped in to buy BAYC NFTs for millions of dollars. Several of those NFTs now go for less than a tenth of their original price. In the current meme market, celebs have been aping in, including rapper Iggy Azalea with the MOTHER meme coin, which has stirred controversy, as Crypto News Flash reported.
Most cryptos have been in the green over the past day but have dipped by over 10% in the past week. DOGE, SHIB, Dogwifhat, and FLOKI lost 15%, while others like BONK have lost over 20%.
The analyst noted:
Crypto moves from times of excitement and hype to times of doom and gloom, which drops prices, and this cycle will always repeat.
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