Miles believes that certain altcoins, currently unpopular in the market, are poised for significant gains in the coming months. He acknowledges that many might disagree with his perspective, given the poor price performance of these coins lately.
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He explains that many new altcoin launches, particularly on Binance, have seen substantial price drops since their initial listings. Some are down 30-40%, while others have fallen as much as 90%. Miles suggests this has led to retail investors losing money and becoming disillusioned with the crypto market.
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Among the beaten-down altcoins, Miles specifically mentions ENA as one of his top picks. He also highlights Starknet, Wormhole, and ZK Sync as potentially interesting at lower valuations. Sui is presented as a recent successful trade that has already seen significant gains.
Miles sees an opportunity in this situation. He argues that because these coins have been beaten down so much, there's little room left for further downside. When even a small catalyst appears, it can lead to aggressive price movements upward. He calls these "hated rallies," where prices rapidly increase due to most investors being underexposed to these assets.
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For upcoming launches, Miles is particularly watching Initia and Zero Gravity. He believes these new projects if they launch at lower valuations than expected, could present good opportunities for investors.
In conclusion, while Miles acknowledges the risks, he believes that some of these currently unpopular altcoins could become strong performers when market conditions improve, potentially offering significant returns for those willing to take the risk.
