Crypto analyst and trader Altcoin Sherpa stated that a medium-sized altcoin project shows high growth potential. The analyst also evaluated the current outlook for Bitcoin (BTC) and Ethereum (ETH) and claimed that they could make seasonal rallies.
Altcoin in the Analyst’s Radar: Injective’s INJ
Anonymous crypto analyst Altcoin Sherpa highlighted a strong bullish formation in the price chart of decentralized derivatives exchange Injective’s service token INJ. The analyst emphasized that INJ is forming rising bottoms on high timeframes and therefore looks very healthy, adding “I think this is one of the few points where you can blindly buy this dip in the coming weeks.”
Looking at the chart shared by the analyst, it seems that INJ is in an uptrend and is expected to reach $14 after retesting the resistance level at $9.88.
Seasonality in Bitcoin and Ethereum
Altcoin Sherpa also made predictions about Bitcoin and Ethereum, stating that the largest cryptocurrency will soon experience a significant rise based on a historical model:
Looking for seasonality in the cryptocurrency market is really important. BTC and ETH tend to perform extremely well in the 4th or 1st quarter of the next year. This makes perfect sense, as people sell their assets in December and buy them back in January. This tends to be the case even in the worst bear markets.
Looking at the price chart shared by the analyst, it can be seen that BTC followed the seasonal selling and rally pattern during the last two volatilities that occurred at the end of 2022 and the beginning of 2023.
Altcoin Sherpa also evaluated the seasonality of Ethereum and predicted a rally in the coming months, stating, “ETH also has a pronounced seasonality. Sometimes the rally happens in December, sometimes in January, and sometimes in November, but usually, there is a strong rally lasting about a month and during these times, there are some mini altcoin rallies. Personally, I’m expecting November for ETH.”
