Speaking that the bitcoin and altcoin market is preparing for a giant bull run, Lark Davis warns to fasten seat belts in a safe rally.
Altcoin and Bitcoin preparing for 6-month mega bull, according to analyst
According to Lark Davis, the crypto market could reach insane levels over the next six months. The analyst said in a recent Twitter thread:
The next 6 months / 9 years will probably be crazy in bitcoin and crypto! Many of you will have the opportunity to completely change your financial destiny.
Lark Davis’ latest analysis comes at the time when the total value of the crypto market reached over $2.60 trillion ATH. Bitcoin price hit the ATH level of $67,000 at the launch of the ProShares Strategy Bitcoin ETF on October 20. On the other hand, large-cap altcoin projects like Ethereum are also showing strong recovery signals.
However, crypto analisdollarseries has added a note of warning to investors.
Aside from all these positive developments, the crypto analystsdollarseries urged them not to load too much on highly speculative altcoin projects and NFTs, which have been generating versatile returns over the past few months. Davis cautioned that some altcoins will certainly have a long life, but be careful when choosing. The analyst also emphasized that investments should focus on successful altcoin projects:
Let the winners run, or even double or triple them and cut down on the losers. Do it ruthlessly, there’s ZERO glories of years of owning bags of salt.
Holding bitcoin is for earning altcoin projects
While Davis urges investors to be careful, he states that he is quite optimistic about altcoins. Investing in Bitcoin (BTC) alone cannot help earn life-changing coins, according to the analyst. Although Bitcoin will increase 20 times in the next 10 years, altcoins discovered at an early stage can provide more returns, according to the analyst. “Holding Bitcoin is for winning altcoin projects,” Davis adds. The analyst also said:
This market is wildly volatile and many people go on a journey of buying high and panic selling low until they break. You have to do the opposite.
Choosing the right altcoin according to Davis is based on multiple factors
The market has tons of altcoins. According to the analyst, picking the winners at an early stage requires a mix of analysis, intelligence, timing and luck. Recently, Guggenheim’s Global CIO Scott Minerd stated that 70 percent of cryptocurrencies in the market are garbage and will disappear. However, some tough altcoin projects like Solana were among the highlights in the last few months of the bull run. SOL continued its bull run, reaching $200 last week. Currently 4%. It is trading at $190, down 26 percent.
Also, there may be some potential winners in the DeFi ecosystem in the coming years. The analyst notes that ignoring the DeFi field can be like leaving money on the table.