The crypto strategist says he is keeping a close eye on three decentralized finance (DeFi) altcoins that he believes are showing strength amid market consolidation.
“DYDX, GMX, and INJ: A Dangerous Day in a Bullish Environment Clarifies Many Things: Which Alts Are Strong, Which Alts Are Dumping, etc. Perp dex Moves On This Red Day No. They have held up very well.They have a lot of strengths.”
At the time of writing, DYDX is trading at $3.24, up over 34% over the past day. GMX is worth $59.02 and IN is trading at $3.31, up 2% and 19% respectively.
Regarding Bitcoin (Bitcoin), traders say King Crypto may be following a late 2018/early 2019 setup. said he did.
“[In] I think 2018 saw very clear signs of a prolonged downtrend followed by an accumulation cycle followed by a strong move from $3,000 to $14,000. ”
BTC is now exhibiting similar behavior, he says.
“[In] 2023 I think we’ll see some kind of version of 2018-2019 at this current rally, but all in a shortened time cycle. There are several reasons for this, but the main one is that 2022 was a slaughterhouse and it didn’t look like 2018. ”
Analysts look at Bitcoin rally He added that it has raised it to $25,000 and has specific targets up to $30,000.
At the time of writing, Bitcoin is worth $23,131.
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