In the world of cryptocurrency, altcoins have been experiencing a period of consolidation, leading to speculation and anticipation of a potential new rally. According to CryptoMichNL’s recent YouTube update, altcoins have remained relatively stagnant in recent weeks. This lack of activity can be attributed to the fact that many retail investors have been holding altcoins in their portfolios.
In his latest update, CryptoMichNL discussed the current state of altcoins in the market, acknowledging that they have been relatively dormant in recent weeks. He attributes this stagnation to the prevalence of altcoins in retail investors’ portfolios and their current position in the cycle compared to Bitcoin’s value.
While many traders might be hesitant to enter the market during this seemingly uneventful period, CryptoMichNL sees it as an opportune time to explore the potential for interesting developments. He shares his overall outlook on altcoins, including the altcoin portfolio he actively trades and updates on his Discord platform.
According to CryptoMichNL, his trading portfolio has shown promising gains, increasing by approximately 20% in the first two months of trading, starting from $5,000. Additionally, he provided insights into his social altcoin portfolio, where trade IDs have resulted in impressive gains of 30 R in the current month and 25 R in the previous two months.
The trader emphasized that joining his platform presents a chance to profit from the crypto market’s movements. He offerd a trial week to allow potential members to experience real-time updates and make informed decisions before committing to the premium section.
During the update, CryptoMichNL dived into technical analysis, evaluating the total market cap and altcoin market cap. He noted a bearish divergence and a subsequent collapse, raising questions about market sentiment and waiting for a potential “disbelief rally.”
Drawing comparisons with previous market cycles, CryptoMichNL suggested that the current period resembles a comparable stage seen in 2018 and 2019. Based on this observation, he predicted a potential rally ahead, and commented that investors should consider taking positions strategically.
The trader also provided insights on specific altcoins he favors, including Chainlink (LINK) and Ethereum (ETH) against Bitcoin. He highlighted the bullish prospects for Chainlink and asserted that he would prefer betting on altcoins rather than staying on the sidelines. Despite the recent downtrend in LINK/BTC, CryptoMichNL sees opportunities for upward continuation.
In addition to Chainlink, the trader remains optimistic about Ethereum (ETH) and its potential for a price breakout against Bitcoin. He analyzed past trends and saw signs of an upcoming reversal.
While CryptoMichNL’s strategies may not guarantee success, his insights have gained attention from followers and fellow traders. As the cryptocurrency market continues its volatile journey, the trader’s ongoing swing trade challenge provides an intriguing spectacle, captivating the crypto community with each move.
