The cryptocurrency market is currently showing a mixed signal in which most large-cap cryptocurrencies have turned red. However, the top two cryptocurrencies, Bitcoin and Ethereum, are still holding at their crucial $23,000 and $1,500 area. At the time of writing, Bitcoin is down 0.15% and is now trading at $23,082.
Meanwhile, a well-known cryptocurrency trader and strategist, anonymously known as Altcoin Sherpa, predicts a bullish target for DYDX, GMX, and Injective. The analyst claims that these three decentralized altcoins are doing very well as the cryptocurrency market swings between ups and downs.
$DYDX $GMX Y $INJ: Red days in a bullish environment make a lot clearer: which altcoins are strong, which ones are fading, etc. The perpetrators are not moving on this red day; they hold up very well. There is a lot of strength with these. pic.twitter.com/gf5ZJbEs9J
— Altcoin Sherpa (@AltcoinSherpa) January 30, 2023
DYDX is currently trading at $3.14 after an increase of 23.31% in the last 24 hours. While GMX and Injective are worth $57.7 and $3.30 with a gain of 1.33% and 16.35% respectively in the last day.
Bitcoin price at $30,000
Next, the strategist talks about Bitcoin, stating that the King coin is moving mirroring its business cycle of late 2018 and early 2019. According to the analyst, Bitcoin had a massive bull run in 2018 once the coin pulled out. Back then, the flagship coin had skyrocketed from the $3,000 level to the $14,000 area.
I think in 2018 we saw very clear signs of a prolonged downtrend, followed by an accumulation cycle, followed by a strong 3-14k move. pic.twitter.com/1GNlnUxAd9
— Altcoin Sherpa (@AltcoinSherpa) January 30, 2023
Furthermore, Altcoin Sherpa claims that Bitcoin is trying to show a similar pattern in 2023. However, he believes that this trading pattern is short-term.
2023 – I think we’re looking at sort of a version of 2018 going into 2019 with this current rally, but it’s all on a shorter time loop. This is true for a few reasons; the main one being that 2022 was a slaughterhouse and didn’t look like 2018. pic.twitter.com/qyHqOC0Miy
— Altcoin Sherpa (@AltcoinSherpa) January 30, 2023
Before Altcoin Sherpa concludes its analysis, it is confident that Bitcoin will hit a target of $25,000 and will also top out at $30,000.
This post Bitcoin Price Reflects Late 2018 Pattern, Is $30,000 Imminent?
was published first on https://coinpedia.org/bitcoin/bitcoin-price-mirrors-late-2018-pattern-is-30000-imminent/
