In his latest update, crypto analyst Kevin Svenson shared his views on the bullish trend of altcoins, highlighting a blockchain-based gaming protocol.
Svenson discusses the past performance of altcoins when assessing general trends in the cryptocurrency market. took. According to Svenson, the altcoin market is too late for a rally:
“We haven’t had a sub-season since the end of 2021. Only since then most of the altcoins have been in decline… Think about it. Don’t be surprised to see them rebound hard soon. Many are just starting to come off the bottom, literally right now. TOO MUCH ALTCOIN is probably about to rise.”
These words of Svenson show that he thinks that altcoins have the potential to recover in the near future, despite the recent decline. According to Svenson, many of this crypto group are now starting to break out of the bottoms and they could start an uptrend.
There is an altcoin that the investor especially follows: Gala (GALA). According to Svenson, GALA is a project with strong fundamentals and investor demand:
“One of the main altcoins I watch right now is GALA. There’s tons of demand and it’s performing well right now. I’m long (expecting a rise). I warned you a week or two ago that a sub-season was coming. Get ready for some epic ascents!”
Despite Kevin Svenson pointing out the potential for altcoins to recover in the near future, popular crypto strategist Benjamin Cowen believes such a rise is yet to come. Cowen’s views reflect a different perspective, offering a broader perspective.
Earlier this month, Cowen said that Bitcoin (BTC) and the broader crypto markets could witness another sell-off.
“In a correction scenario, assets with low liquidity will actually be much more affected than those with more liquidity. Bitcoin/dollar per year before halving [işlem çifti] When there are corrections on the altcoin market, the liquidity dries up significantly. And so whenever there is a correction, you’ll probably see altcoins fall not just in dollar pairs, but also in Bitcoin pairs.”
As a result, different crypto analysts such as Kevin Svenson and Benjamin Cowen differ in their views on the altcoin market. While Svenson draws attention to the potential for a recovery in the near future, Cowen is more cautious, arguing that more time is needed for the uptrend to occur. Investors should evaluate these views in accordance with their own strategies and risk tolerance, make their decisions and follow the markets carefully.
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