In a recent video, widely-followed analyst Lark Davis shares his rationale on gaining 27,000% return in the cryptocurrency market in the altcoin season 2021.
According to the trader, although the altcoin market “has gone pretty crazy” already, the altcoin season has barely begun yet.
“2021’s altcoin season is just getting started and by the end of the year, we’re going to see some truly insane valuations coming through for cryptocurrencies”.
The trader kicks off the video by citing a tweet by a technical analyst Rekt Capital, saying that “Last time altcoin market cap turned its old 2014 highs into support… It rallied +27,000% in over a year”.
Davis says that the altcoin market cap has rallied +119% in 70 days since turning its old 2017 highs into support.
“This is just the beginning”.
However, the trader emphasizes that he is not expecting a 27,000% rally for altcoin in this market cycle as we are only up 119%. Still, he believes that the market cap can reach 10 trillion dollars this year.
In addition, Davis also shares a Path to Altcoin Season as the entire market is moving to Phase 3 and 4.
“We are now in Phase 2 of the Path to Altseason chart. Ethereum has been outperforming Bitcoin for a month straight and is starting to go parabolic. In phase 1, I prepared for phase 2 & 3. In phase 2, I’m now preparing for phase 3 & 4… exciting times ahead for altcoins”.
The crypto KOL then shares his reasoning for the belief that this 2021 altcoin season is going to be an explosion:
“Firstly, there are now multiple blockchains running smart contracts applications that actually have users. 2017 was basically all about Ethereum. Then, there have never been so many fiats on-ramps. Cashapp, Paypal, Robinhood, and all the crypto native exchanges. It has never been easier for retail to enter the market”.
The trader adds that as ETFs are coming to the USA. This will pump the entire market. Altcoins will have their final orgasmic blow-off top when Bitcoin tops. The higher BTC goes the bigger the altcoin blow-off top.
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Read more:
- Best Altcoins To Buy Now To Turn $1,000 Into $10,000 This Week, According To Top Analyst Randall Trzaska
- Part 5: Here Are The Altcoins Will 100x Moonshot, According To Altcoin Buzz