The analyst waits for the Altcoin season as Crypto Well invests millions.

Renowned cryptocurrency analyst Cyclops has announced the start of the upcoming altcoin season, predicting huge gains for savvy investors. This suggests that it may be a period of high profitability, with certain altcoins poised to deliver high returns.

The announcement coincides with a popular move by a crypto-well that has recently invested millions in altcoins, indicating confidence in the future direction of the market.

Analyst predicts Altcoin season

Cyclops analysis highlights the importance of strategic positioning and timing in this cycle. Note that many altcoins may offer 100x returns in the next few months.

According to Cyclops, understanding how to navigate this cycle, identifying the best entry points and knowing when to sell the all-time high (ATH) are critical steps for investors looking to maximize their profits.

He explains that the initial growth phase of a bull run is about three months, a pattern that can be seen in each cycle and is likely to repeat itself in 2024. Cyclops lists key indicators to identify this period of growth, such as Bitcoin (BTC) losing its dominance and achieving a new all-time high.

This change historically triggers an altcoin price spike, marking the beginning of the altseason.

Read more: 11 Best Altcoin Exchanges for Crypto Trading in May 2024

Cyclops characterizes the crypto market, which is currently recognized as a legitimate financial sector with the participation of major institutions. Market psychology plays a role as corrections and subsequent growth cycles create fear of loss, further driving investments and price increases.

“Crypto has changed. Now, crypto is not some vague industry or game. It is a full-fledged financial sector. This year, many big companies like Black Rock, etc. have joined us. This could lead to the biggest altseason ever,” said Cyclops. He said.

Investors should choose strong altcoins that align with 2024 market narratives. Cyclops emphasizes the importance of having a buying and selling plan. It avoids trying to predict the bottom and top of the market by recommending a gradual selling strategy.

For example, closing 20-30% of positions at each 2x growth or based on market highs.

Crypto Well has invested millions in Altcoins

Parallel to Cyclops' predictions, cryptocurrency Well recently spent about $25 million on altcoins in the Ethereum (ETH) ecosystem. This move follows the US Securities and Exchange Commission's approval of applications to list Ether Exchange Traded Funds (ETFs).

Using 26.67 million USDT, Cryptowell gained 8.733 ETH at $3,050 before the ETF news, making an undisclosed profit of over $6 million.

“After the SEC approved Form 19b-4 for ETH ETFs, the whale purchased $24.7 million worth of Ethereum ecosystem tokens and had an unexpected profit of $1.1 million,” Lookonchain said.

The whale invested around $20 million in Binance, over $9.3 million in Lido (LDO), $6.7 million in Uniswap (UNI), $5.4 million in Aave (AAVE), and bought other altcoins.

Read More: 10 Best Cryptocurrencies to Invest in June 2024

This significant investment reflects the growing optimism and strategic positioning of major players in anticipation of the upcoming altcoin season.