Altcoins remain stable and Bitcoin is stuck at the $27,000 level. As volatility diminishes, investors grow increasingly anxious. These calm periods typically act as the silence before the storm. Even though the direction isn’t clear yet, a serious increase in the volatility of cryptocurrencies is expected. So, what did the crypto expert analyst say in the latest market update?
The crypto strategist, known by the pseudonym Altcoin Psycho, shares similar views with DonAlt about exercising caution. Analysts today generally prefer not to take positions before a significant price movement. There’s another aspect on which these two analysts agree about the market – they both believe the recent meme coin rally signals the finale for the 2023 crypto rally.
Many people often ask, ‘Why does it scare people when they start pumping old dinosaur coins or when memecoins start pumping?’ It really stems from liquidity games.
When you’re in the latter stages of a market cycle and virtually everything, I’m not even saying quality, but anything that could be thought of as quality… At this point, just about everything has been pumped, and the last things not pumped are tokens that are dead chains, for instance, there’s no functioning (development) team, it’s an abandoned project, or people pump up this garbage.
What we tend to see is that this really happens in the final stages of a bull trend.
Bitcoin Price Prediction
The analyst expects us to transition from these stagnant markets to a downturn. The analyst, updating his prediction about the BTC price, thinks a test of $25,000 will happen soon. The king cryptocurrency finds buyers at $27,200 at the time of writing, and the debt ceiling agreement did not end today. Ahead of the Fed minutes due tomorrow, BTC is struggling to hold $27,200.
Returning to the details of the crypto commentator’s new prediction, he says:
You will see that this ($25,000) has also been quite an important level in the past…
I’m really waiting to see how we react below because I think it’s really important whether the market sees this as a value buying area or not and if there’s not much reaction, potentially you could call the move (to $30,000) a deviation and I wouldn’t be surprised to see us form a new range below the $24,000 – $23,000 level.