Analyst Says He’s Hesitant To Accumulate Crypto Following Memecoin Hype, Updates His Forecast for BTC – The Daily Hodl

A closely followed crypto strategist is explaining his unwillingness to accumulate digital assets as meme tokens take center stage.

In a new strategy session, pseudonymous analyst Altcoin Psycho says that he agrees with fellow analyst DonAlt about staying on the sidelines for now.

According to the crypto strategists, they are currently reluctant 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 is it that when old dino coins start to pump or when memecoins start to pump, why does that spook people?’ 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 don’t even say quality has pumped, but anything that could even be larped as having quality… At that point, pretty much everything has pumped, and the only final unpumped things are tokens that are actually dead chains, like they don’t have a working (development) team, it’s an abandoned project or people spinning up these new bu****it meme tokens. 

What we tend to see is that that’s sort of something that happens really in the final stages of an uptrend.” 

Looking at Bitcoin (BTC), Altcoin Psycho says he’s waiting for the king crypto to retest the $25,000 price area as support before making any moves.

“You’ll see that it’s been a pretty significant level in the past as well…

I’m really waiting to see how we react down there because I think it’s going to be really telling if the market views that as a value buy area or if there’s not much reaction, then potentially you could call the move (to $30,000) a deviation, and I wouldn’t be surprised to see us create a new range below that $24,000 – $23,000 level.”

At time of writing, Bitcoin is trading for $26,862.

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• Source: https://dailyhodl.com/2023/05/23/analyst-says-hes-hesitant-to-accumulate-crypto-following-memecoin-hype-updates-his-forecast-for-btc/