Analyst highlights next 30x opportunity as liquidity flows into altcoins 
Cryptocurrency Nov 8, 2024 Share
Analysts weighed in as Bitcoin (BTC) shows strong momentum, expecting liquidity will soon “start to flow into altcoins.” While some highlighted Bitcoin’s growth limitations, others have identified 30x-return opportunities with solid altcoins, warning against settling for 30% gains.
Finbold has reported many analysts and trading experts anticipating an “altcoin season,” or “altseason,” with indicators validating this idea. These traders have been building positions on solid cryptocurrencies while using the Bitcoin Dominance Index (BTC.D) as a benchmark.
Recently, another analyst shared a similar insight on Bitcoin’s movement and expected liquidity flow into altcoins. On November 8, Andrei Sobolev shared an insight looking at TradingView’s Crypto Total Market Cap Excluding BTC Index (TOTAL2).
Picks for you
Andrew Tate bets $100k in crypto on ‘BitBoy’ for upcoming fight 32 mins ago Tim Sheehy’s net worth revealed: How rich is the newly elected US Senator from Montana 41 mins ago Why Dogecoin’s next minimum target is $3.5, according to analyst 1 hour ago Experts predict Bitcoin price to hit $100k before Trump's inauguration 19 hours ago
According to the analyst, TOTAL2 is about to conclude a corrective “Wave 4,” entering an impulsive “Wave 5” on altcoins. This post is a follow-up of a validated prediction from September 5, now eyeing a TOTAL2 $2 trillion capitalization.
TOTAL2/USDT 1W
Chart of crypto market capitalization excluding bitcoin.
Also started to work out the idea with the completion of the correction in wave (iv) and growth in wave (v) on the accumulated liquidity.$USDT dominance will decrease, i.e. TOTAL2 chart will grow only due… https://t.co/gCPrKJ8noC pic.twitter.com/vqfwdIpGRa
— andrei_sobolev_ (@andrei_sobolev_) November 8, 2024
Analyst’s 30x altcoin opportunity to lock in
In a previous post, Sobolev doubled down on his theory that liquidity would move into altcoins, highlighting BTC.D as a leading indicator for “portfolio investors” to decide upon the best entry and exit levels.
“Bitcoin is confidently breaking through ATH, soon liquidity will start to flow into altcoins. (…) The best benchmark for portfolio investors is BTC Dominance.”
– Andrei Sobolev
In particular, the trader cautioned investors looking to start taking profits at 30% gains from their altcoin positions. Sobolev explained that many investors who held a losing position in the past two years might feel the urge to realize profits at these gains, risking missing far larger movements that could go as high as 30x returns.
The analyst highlighted, for example, how MultiversX (EGLD) surged by 3,000% in 90 days during the past cycle’s altseason. He concluded, pointing out a 40% Bitcoin dominance as the ultimate signal to consider selling and taking profits.
“Once you sell for micro profit, you risk not finding an entry point and being stuck with USDT for the whole trend. And then, which is even worse, to send the available USDT to margin, because it is already expensive to buy back on the spot, and with a leverage on a small obvious movement you can make money. As a result, you will lose your entire deposit, instead of just holding strong assets on the trend. (…) just wait for 40% [BTC.D] and then make decisions accurately.”
– Andrei Sobolev
MultiversX (EGLD) price prediction and fundamentals
EGLD was trading at $25.91 by the posting time, with a projected impulsive wave surpassing the $1,000 level. If the prediction plays out as the analyst expects, MultiversX could offer another 30x opportunity as liquidity flows into altcoins.
MultiversX (EGLD) daily price chart and prediction. Source: TradingView / Andrei Sobolev
Notably, the layer-1 blockchain and promising Ethereum rival has stood out in experts’ opinions due to its fundamental attributes. Staking EGLD and exploring its decentralized finance (DeFi) landscape can help investors earn passive income and profit from yield farming.
Messari recently published in-depth research on EGLD, while CyberCapital’s CIO considers it the “technological Holy Grail of crypto.” Moreover, CoinDesk highlighted MultiversX’s decentralization through an enthusiast’s experiment running a network node on a smartphone.
As things develop, The Kobeissi Letter shared multi-market signals suggesting a bull market is starting. An opinion Ari Paul, CIO of BlockTower Capital, agrees with while looking specifically at the cryptocurrency landscape. Interestingly, Ari Paul forecasts a six to twelve-month lasting rally moving forward.
On the other hand, Ki Young Ju warned new investors to be cautious—especially with Bitcoin. According to the analyst, BTC may rise for another 30 to 40% gain, but it will hardly produce better results. “Time to consider gradual selling, not all-in buying,” he said.
New investors often hold $BTC through bear markets, enduring losses.
After about two years, it changes hands when pain eases. That time is now.
It could go up +30-40% from here, but not like the +368% we saw from $16K. Time to consider gradual selling, not all-in buying, imo. pic.twitter.com/hXRT6YBsxS
— Ki Young Ju (@ki_young_ju) November 6, 2024
In closing, many analysts are bullish for the following months, expecting remarkable results from some altcoins that may outperform Bitcoin in an altseason. Amid promising opportunities, however, there is also caution – requiring a solid strategy to realize profits and hedge the risks.
Featured image via Shutterstock