Lark Davis Predicts Altcoin Breakouts: See His Top Picks Including XRP and More
Anjali Belgaumkar22 Jul 20242 min read
Popular analyst Lark Davis took to his latest video and said that Bitcoin holders might not be ready for what’s coming. Looking at the charts, Bitcoin is showing strong signs of reaccumulation. According to him, Bitcoin, which is currently around $68,000, recently had a breakout and is targeting $72,000 as the next critical resistance level. A break above this could propel Bitcoin towards $90,000-$100,000 in the next few months.
There also has been a massive inflow of nearly $10 billion into U.S. small-cap stock funds, the second-largest weekly inflow on record. This influx indicates a strong risk-on sentiment in the broader financial markets, which often correlates with bullish moves in the crypto market. Contrary to some opinions, Davis suggests rate cuts are more likely than hikes, which could positively impact the liquidity and money supply in the market.
Few Altcoins To Keep An Eye On
Davis also said that the current market offers some opportunities in the altcoin space. He compared the present scenario to 2019 when many altcoins dropped significantly before skyrocketing in value later on.
Despite his past criticisms, Davis praised Ripple’s legal battles and their potential impact on XRP’s price. He speculated that a positive outcome in the lawsuit could lead to a rally, but questioned the current utility of XRP compared to stablecoins and other blockchain solutions.
Davis is also bullish on Base Layer Two and specific altcoins like Aerodrome, Brett, and Benji. He said that these tokens are crucial for gaining exposure to the Base ecosystem, especially since there is no native Base token.
He also said that Ethereum is seeing increased interest with the upcoming Ethereum ETFs. One-third of all Ethereum is currently locked up in staking contracts, which creates a dynamic supply constraint. The launch of Ethereum spot ETFs could lead to significant inflows, similar to what was seen with Bitcoin ETFs.
He shared an anecdote about a successful airdrop from Avalanche’s ecosystem, which positively impacted his 10K portfolio challenge. He remains bullish on Avalanche and its potential in the current cycle.
Also Read : Top Altcoins To Stack As the Ethereum ETF Launch Approaches!
