Renowned crypto analyst Kevin Svenson has shared his latest optimistic expectation for a blockchain-based game protocol, stating that he anticipates an upswing across the altcoin market. Here’s what the analyst is particularly focusing on and his overall expectations for the altcoin market.
Expects Most Altcoins to Rally
Svenson believes that the majority of altcoins are primed for a rally. Via his personal Twitter account, he lamented that the altcoin market is long overdue for a rally, stating, “We haven’t seen an altcoin season since the end of 2021. Most altcoins have been dropping since then and continue to do so. Now stop and think about this. Don’t be surprised if you see them rally hard soon. Many are literally starting to rise from rock bottom levels right now. A LOT OF ALTCOINS are likely ready to rally. Just think of throwing a dart at the board, and it’s sure to hit something.”
Among the altcoins on the analyst’s radar, one that stands out is Gala (GALA), an Ethereum (ETH)-based project. Svenson believes this altcoin has solid fundamentals and strong investor demand: “One of the main altcoins I’m watching right now is GALA. It has high investor demand and is currently performing well. I’m in a buying position. I warned you a couple of weeks ago that the altcoin season is coming. Be ready for epic rallies!”
“We Are Not Close to Altcoin Season”
However, not all analysts share Svenson’s bullish sentiment. Benjamin Cowen, another well-followed crypto analyst, doesn’t believe an altcoin season is imminent. Earlier this month, Cowen pointed to a potentially bearish scenario, with Bitcoin (BTC) and the rest of the crypto market likely to come under selling pressure, stating, “In a downtrend scenario, assets with lower liquidity will take a much harder hit compared to those with higher liquidity. When there are downturns in the Bitcoin/US dollar trading pair during the pre-halving reward year, liquidity in the altcoin market significantly decreases. So, whenever there is a downturn, you’ll see altcoins not only drop in US dollar trading pairs but also in Bitcoin trading pairs.”
