A closely followed crypto analyst believes that two altcoins have the potential to skyrocket by as much as 5x before this cycle is over.

Pseudonymous analyst Altcoin Sherpa tells his 228,100 followers on the social media platform X that he’s extremely bullish on the altcoin market.

According to the analyst, even average altcoins will see massive price rallies if conditions turn bullish for crypto.

Specifically, the trader sees the decentralized oracle network Chainlink (LINK) and the layer-1 protocol Algorand (ALGO) printing gains between 400% and 600% before the current cycle comes to a close.

“Market average for sh*tcoins from here on out: probably about 3-5x for this cycle on the low end and 5-10x for prices on the high end.

Meaning: If you buy pretty much anything at this point in time, I expect it to go 3-5x.

Here are two examples with LINK [and] ALGO.” 

Looking at the trader’s chart, he seems to predict that LINK will surge by over 350% to revisit all-time high levels. As for ALGO, Altcoin Sherpa shares a chart suggesting that an over 300% move will not even take the coin close to its all-time high of $3.56.

Turning to the top memecoin Dogecoin (DOGE), Altcoin Sherpa thinks the altcoin is taking a breather before sparking a new leg up.

“This is the bottom you want to see for DOGE in my opinion.

Lots of volatility and a range forming.” 

At time of writing, DOGE is trading for $0.159.

Altcoin Sherpa also names other coins that he thinks will do well once the market enters full-bull territory.

“Mid-cap memes are taking a lot of mindshare and I still think stuff like BONK/PEPE/WIF probably outperforms a great percentage of utility coins. But if you’re looking for utility, I would prob go:

-New coins like EIGEN
-High float/older coins like FTM (+rebrand)
-new infra coming out like monad/berachain
-new coins that came out and down only (never pumped) aka REZ, ZK and those types

Lots of different ways to play the upcoming alt pump; be flexible and prepared.” 

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As per the data from Polymarket, Donald Trump’s chances of a presidential victory dropped by a strong 4.5% just three days before the announcement of the results. As a result, Bitcoin and altcoins in the broader crypto market have taken a pause in any directional move unless things become clear further.

Donald Trump Loses Majority In Swing States

Over the past week, former President Trump held the victory odds strongly to more than 60% per the Polymarket data. However, on Friday evening, these numbers dropped by 4 percentage points. At 58.1% now, Donald Trump still maintains a lead by 16 percentage points over his rival and Democratic nominee Kamala Harris.

The two states where Harris is once again gaining ground over Trump are Wisconsin and Michigan. However, he holds a formidable lead in other states like Arizona, Pennsylvania, Nevada, and Georgia.

Latest Swing State Odds (% chance of winning)

🟥 Arizona • Trump 76% – Harris 24%
🟥 Georgia • Trump 72% – Harris 28%
🟥 Pennsylvania • Trump 57% – Harris 43%
🟥 Nevada • Trump 63% – Harris 37%
🟦 Wisconsin • Trump 49% – Harris 51%
🟦 Michigan • Trump 42% – Harris 58%… pic.twitter.com/L3bToKaSwC

— Polymarket (@Polymarket) November 1, 2024

Just over the last two days, Donald Trump’s winning percentage numbers have dropped ten odd percentage points. Investors have already taken massive bets over the rising victory odds of Donald Trump over the past month. However, this recent swing can bring some jitters across the investor community.

As per the latest WSJ report a French user is betting more than $38 million on Donald Trump’s victory while stating that he has no political motive. The user identified himself as a French national who previously lived in the United States and worked as a bank trader. If Trump wins, the user stands to gain over $80 million, but a Kamala Harris victory could mean a total or significant loss.

Bitcoin and Altcoins Take a Pause

Following the surge to $73,000 earlier this week, the Bitcoin price plunged on the last day of October to settle under $70,000. However, yesterday’s correction dragged the altcoins even lower with ETH, SOL, XRP, and others falling by even greater percentage points.

Bitcoin speculators are increasingly drawn to leveraged futures positions as anticipation builds around the upcoming U.S. election. Meanwhile, data reveals that approximately 180,000 BTC previously held by long-term holders have shifted, de-risking into the hands of significant ETF buyers.

Like a Moth to a Flame#Bitcoin speculators are pouring into leveraged futures positions in the lead up to the US election.

At the same time, ~180k $BTC held by Long-Term Holders have de-risked into heavy ETF buyers.

My latest piece is live for @_checkonchain subscribers 👇 pic.twitter.com/2DO2PObLMh

— _Checkmate 🟠🔑⚡☢️🛢️ (@_Checkmatey_) November 2, 2024

This trend indicates a cautious but active repositioning among seasoned investors, balancing speculative and long-term strategies in the lead-up to the election. For the first time in the last eight trading sessions, the total inflows into spot Bitcoin ETFs turned negative as victory chances for Donald Trump dropped further. The BlackRock Bitcoin ETF IBIT has been dominating the inflows over the past two weeks, with total inflows crossing $26 billion in a significant milestone.

The Ethereum price took a dive under $2,500 with top traders like Peter Brandt predicting further crash. However, if the bulls support the levels of $2,480, we could witness a rebound from here. As of press time, the ETH price is trading at $2,509 with a market cap of $302 billion.

The TD Sequential just flashed a buy signal on the #Ethereum 4-hour chart, hinting at a potential rebound! For this bullish setup to hold, $ETH needs to stay above the $2,480 support. pic.twitter.com/EzDpkmcUl1

— Ali (@ali_charts) November 1, 2024

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.