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Cryptocurrency News Articles
Despite Its Historical Bullishness, October’s Beginning Has Been Anything But Predictable: Analysts Believe Altcoin Season Is Closer
Oct 02, 2024 at 10:30 pm
This geopolitical strife has injected uncertainty into global markets, impacting cryptocurrencies with over $500 million in liquidations
Despite being traditionally bullish, the beginning of October has been anything but predictable in the crypto market. Typically dubbed “Uptober” by crypto enthusiasts for its strong performance, this month has faced substantial disruptions.
These disturbances largely stem from escalating geopolitical tensions between Israel and Iran, which reached new heights on October 1 with a significant missile attack —marking the second incident this year.
The market disturbances have led to over $500 million in liquidations, impacting cryptocurrencies across the board. However, some experts believe that these disruptions may be signaling the approach of an altcoin season.
“Altcoin season is not going anywhere. The market is doing a shakeout. People are being tested. This is just like every other test. You need to pass,” pseudonymous analyst Altcoin Buzz stated.
In response to the market downturn, prominent crypto analyst Miles Deutscher has outlined strategies for opportunistic buying during the dip. According to Deutscher, focusing on previous leaders is crucial.
“It's actually quite simple because we just had a sample size from the market. The market gave us information on the old coins that pumped when things were really bullish last week, so what you want to do is pick the leaders during the most recent rally,” he explained.
Deutscher believes that meme coins and AI tokens have been at the forefront of the market for the last two weeks. Hence, he expects that when the market rebounds from this dip, these sectors might become the strongest performers once again.
Specifically, Deutscher mentioned Dogwifhat (WIF), Pepe (PEPE), Popcat (POPCAT) and Mog Coin (MOG). He also pointed to Fantom (FTM), which showed remarkable resilience during the current market dip. Despite this, Deutscher maintains a position in stablecoins as a hedge against potential further downturns.
“The real alpha here is to make sure your watchlist is pre-prepared based on relative strength. If the market drops further, you’ll know exactly what to buy, and you’ll be mentally prepared rather than panicking and derisking,” Deutscher stated.
He suggests using price aggregator platforms to monitor daily top performers, which are likely to lead once the market uptrend resumes.
Other analysts also believe that the altcoin season is approaching.
“Altcoin season is closer than ever before. Uptober is still Uptober, despite the recent Middle East confrontations. I am starting to swap more Solana (SOL) and Ethereum (ETH) into memes and promising alts that I expect to make 5-10x returns,” crypto researcher 0xFinish noted.
By preparing a strategic watchlist and understanding the relative strengths of different altcoins, investors can capitalize on potential market rebounds. As always, vigilance and preparation are key to navigating opportunities during periods of market volatility.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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