Despite its historical bullishness, October’s beginning has been anything but predictable. Traditionally dubbed “Uptober” by crypto enthusiasts for its typically strong performance, this month has faced substantial disruptions.
These disturbances stem from escalating geopolitical tensions between Israel and Iran, which intensified dramatically on October 1 with a significant missile attack—the second incident this year.
Analysts Believe Altcoin Season Is Closer
This geopolitical strife has injected uncertainty into global markets, impacting cryptocurrencies with over $500 million in liquidations. Nevertheless, some experts view these disruptions as just hiccups preceding an altcoin season.
“Altcoin season is not going anywhere. The market is doing a shakeout. People are being tested. This is just like every other test. You need to pass,” pseudonymous analyst Altcoin Buzz stated.
Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
In response to the market downturn, prominent crypto analyst Miles Deutscher has outlined strategies for opportunistic buying during the dip. According to Deutscher, the key is focusing on previous leaders.
“It’s actually quite simple because we just had a sample size from the market. The market gave us information on the old coins that pumped when things were really bullish last week, so what you want to do is pick the leaders during the most recent rally,” he explained.
Deutscher believes that meme coins and AI tokens have been at the forefront of the market for the last two weeks. Hence, he expects that when the market rebounds from this dip, these sectors might become the strongest performers once again.
Specifically, Deutscher mentioned Dogwifhat (WIF), Pepe (PEPE), Popcat (POPCAT) and Mog Coin (MOG). He also pointed to Fantom (FTM), which showed remarkable resilience during the current market dip. Despite this, Deutscher continues to maintain a position in stablecoins as a hedge against potential further downturns.
“The real alpha here is to make sure your watchlist is pre-prepared based on relative strength. If the market drops further, you’ll know exactly what to buy, and you’ll be mentally prepared rather than panicking and derisking,” Deutscher stated.
He recommends using price aggregator platforms to monitor daily top performers, which are likely to lead once the market uptrend resumes.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Other analysts also echo the sentiment that the altcoin season is just around the corner.
“Altcoin season is closer than ever before. Uptober is still Uptober, despite the recent Middle East confrontations. I am starting to swap more Solana (SOL) and Ethereum (ETH) into memes and promising alts that I expect to make 5-10x returns,” crypto researcher 0xFinish noted.
Indeed, by preparing a strategic watchlist and understanding the relative strengths of different altcoins, investors can effectively capitalize on potential market rebounds. As always, vigilance and preparedness are key to leveraging opportunities during periods of volatility.
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