A widely followed crypto analyst has issued a new warning for digital asset markets at the end of the year.
A pseudonymous analyst known as Altcoin Sherpa told his 234,800 followers on social media platform Ta.
However, analysts predict that the market could rise in January based on historical precedent.
“You’ll probably get one more flush or more before the end of the year, but keep your eyes on the prize and manage yourself to ride out the volatility.
January is historically a great month for cryptocurrencies. In my opinion, it’s better to sell the bags you don’t really like for cash and save that money to spend on the bags you like. ”
The analyst also said that some crypto projects, such as decentralized finance protocol Usual (USUAL), are showing strength amid the overall market decline.
“One thing to note about the USUAL chart is that if a coin stands out above the rest in a highly volatile market, that usually means it’s a very good coin. This didn’t budge when everything went down 20%. I added more to this drop and will add more if it goes further…
I’ve bought in the $1.08-$1.20 range and will continue to add to it. In my opinion, this is the winner. I’ve hit on a lot of stories, but I think this one is still better than many others. ”
USUAL is trading at $1.25 at the time of writing, down more than 13% in the past 24 hours.
Next, analysts suggest that Bitcoin (BTC) could soon reach the bottom of the domestic market after falling below $100,000 this week.
“It’s getting close. I think BTC should find a relative bottom soon, and we’re hoping for some more downside and then some kind of reversal. I don’t know if this is a “bottom”, but… Well, let’s see. ”
The trader looks at his chart and suggests that Bitcoin could fall to $90,911 on the 4-hour chart before reversing.
At the time of writing, Bitcoin is trading at $97,325, with a slight increase over the past 24 hours.
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