A closely followed crypto strategist explains his reluctance to accumulate digital assets while meme tokens take center stage.
In a new strategy session, pseudonymous analyst Altcoin Psycho says he agrees with fellow analyst DonAlt to stay on the sidelines for now.
According to the crypto strategists, they are currently hesitant to enter the crypto markets amid the memecoin rallies as it indicates that this year’s uptrend is about to end.
“A lot of people always ask, ‘Well, why do people freak out when ancient dino coins start pumping or when memecoins start pumping?’ It really comes down to just liquidity games.
When you’re in the later stage of a market cycle and pretty much everything that is, I’m not even saying quality is pumped, but anything that can even be said to have quality… At that point, pretty much everything is pumped , and the only last unpumped things are tokens that are basically dead chains, like they don’t have a working (develop) team, it’s an abandoned project or people making up these new booty meme tokens.
What we often see is that’s something that really happens in the final stages of an uptrend.”
Looking at Bitcoin (BTC), Altcoin Psycho says it is waiting for the king crypto to retest the $25,000 price area as support before making any moves.
“You’ll see it’s been pretty high level in the past as well…
I’m really waiting to see how we react down there because I think it will really tell if the market sees that as a value buying area or if there’s not a lot of reaction then you could possibly call the move (to $30,000) . deviation, and I wouldn’t be surprised if we create a new range below that $24,000 – $23,000 level.
At the time of writing, Bitcoin is trading at $26,862.
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