A widely respected cryptocurrency analyst has issued a new warning for the digital asset market at the end of the year.
An anonymous analyst known as Altcoin Sherpa told his 234,800 followers on social media platform
However, based on historical precedent, analysts predict the market could rebound in January.
“We’ll probably have one more flush before the end of the year. But keep an eye on your winnings and manage volatility.
January is historically a good month for cryptocurrencies. In my opinion, it’s better to sell the bags you don’t like for cash, save up the money, and deploy it towards the bags you like.”
The analyst also says some cryptocurrency projects are showing strength amid the broader market sell-off, such as decentralized finance protocol Usual (USUAL).
“One note about the USUAL chart: If you see a coin standing out from the rest amidst crazy market volatility, that’s usually a sign that it’s a very good coin. This didn’t budge even when everything fell 20%. I’ve added a lot more to this dip, and will add more as it gets better…
I got it between $1.08-$1.20 and will continue to add to it. In my opinion this is a winner. It hits a lot of narratives, and I think this one still performs better than the others.”
USUAL is trading at $1.25 at the time of this writing, down more than 13% in the last 24 hours.
Next, the analyst suggests that Bitcoin (BTC) may soon hit a domestic market bottom after plummeting below $100,000 this week.
“We are getting closer. I think BTC should fall a little more and then find a relative bottom soon, hoping for some sort of reversal. Not sure if this is ‘lowest’ but yeah, we’ll see.”
Looking at his charts, the trader suggested that Bitcoin could fall as low as $90,911 on the 4-hour chart before a reversal.
At the time of writing, Bitcoin is trading at $97,325, up slightly over the past 24 hours.
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