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Binance top trader Nachi predicts a bullish market turn in the coming months, backing up his prediction by betting big on several altcoins.
What Happened: Nachi shared his investment strategy by expressing a strong belief that small altcoins are set to multiply in value. He cited the break of $62,000 after Jerome Powell's key speech at Jackson Hole as a pivotal moment.
Key phrases from Powell's speech that Nachi highlighted include: "The balance of risks to our mandate has changed", "We do not welcome further cooling in labor market conditions", and "We will do everything we can to support a strong labor market."
He also pointed out that as long as economic data remains not too soft, the market will stay strong, with U.S. rate cuts and a “flood of liquidity” from central banks worldwide. He mentioned the upcoming release of Binance founder Changpeng Zhao from jail and the recovery of FTX as additional positive signals.
Nachi's portfolio includes Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL), Dogwifhat (CRYPTO: WIF), and others.
Why It Matters: Nachi’s bullish stance comes at a time when many investors are wary of the cryptocurrency market’s lackluster performance. His prediction of a market turn and a strong run for Bitcoin is based on his interpretation of market signals and economic data.
Nachi’s strategy of going all-in on small altcoins is a high-risk, high-reward approach that reflects his confidence in the market’s potential. He believes that the current discounts on many altcoins present a great buying opportunity for investors who are willing to take the risk.
The trader concluded, "With a 70-80% discount all over the place, it’s not hard to make a few X on many alts over the next few months after altcoins’ sentiment has reached rock bottom." However, he noted that most people are scared to deploy their capital.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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