A widely followed crypto analyst is bullish on altcoins as Bitcoin (BTC) hovers below the psychological $100,000 level.
In a new strategy session, pseudonymous Altcoin crypto trader Sherpa told his 236,200 followers on social media platform X that altcoins are expected to explode in the coming weeks.
According to Sherpa, one of the catalysts 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 (PINK) have been hashed out for YEARS and are still consolidating. It’s hard to think that these won’t be fully sent.
Sherpa further claims that the Tron (TRX) layer 1 blockchain is another good example of an altcoin that underwent consolidation for years before skyrocketing recently.
“So I’m expecting something extremely strong for the next run here for these shitcoins because of how long they’ve been consolidating. I’m not saying they’ll necessarily reach or surpass all the old all-time highs, but let’s see.
The analyst also cites other reasons fueling his bullish stance, such as the level of Bitcoin (BTC) dominance and the macro environment.
“People call me bearish, but I’m not at all – I think we’re going to have an incredible altcoin season in the coming months. This is due to several reasons (seasonality, high Bitcoin dominance, macro + insane 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 necessary 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, when you are blinded by greed and foolish gains.
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