4 Steps To Find The Next 100x Altcoins And Prepare For The Next Bull Market
The popular crypto channel A Chain of Block shares with their subscribers the step-by-step process to select altcoin projects with huge potential to explode for 100x returns on crypto investments.
Step 1: Discovering the New Altcoin Project
The first step is to examine the use case and the utility of the project:
“Is this something that’s really needed in the crypto ecosystem? And as you’re answering that question keep in mind that it doesn’t even have to be something that is necessarily needed right at this second,”
The crypto KOL believes that it would be more interesting if we con identify a future need of the project or something that will innovate or even spark a change that can be extremely valuable as well.
He also highlights the importance of the core team behind the project. From his experience, he prefers the projects that its core team has a background in networking or engineering. Moreover, the top members of the team should also have varying experiences in both traditional and decentralized business models:
“I like when I can go to the website and see the Linkedin page for each person on the project. I feel it adds some legitimacy and should also provide me with the necessary information I’m looking for on each team member. It’s important to know what their educational background is, if they’ve worked on other crypto projects before and what was the outcome,”
Moreover, the trader also notes that road map of the project is important as well as whether the project can achieve its past deliverables on time.
Step 2: Altcoin Community
According to the analyst, since most crypto projects are still in the infancy, spending money on marketing is not top of mind for most projects. Because of this, the online and social communities behind these projects become increasingly more important.
“A lot of people might think of Twitter first. But I tend to find that the communities on Telegram and Reddit tend to be more organized. It’s important that the community is strong but also realistic and well versed on the overall crypto landscape.”
Besides, on an important note, in a Telegram channel where every third message is to the moon or when lambo, to the analyst’s experience, most likely, this is not a serious project:
“The point of Telegram and reddit is for these projects to give their community updates and answer questions. A well-worn project will have strong and informative moderators to keep the channel clean and clear of any spam.”
Step 3: News Around the Altcoin Project
The third thing to consider is any recent or upcoming news and events around the project. Certain news and updates such as network upgrades, the release of new integrations and features or even being listed on specific crypto exchanges have been known to spark a price rally.
“You should know that the motto of making money in crypto is generally to buy the rumors and sell the news. So timing these events becomes highly important in addition to the community aspect of knowing what’s going on with a specific project.”
Step 4: Charting Altcoins
According to the trader, this whole process really works best when users combine all four steps together.
“Patterns can be good indicators of how investors have reacted in the past to the same or similar situations. I do think it’s important to also understand that past performance is not always representative of future results.”