A veteran cryptocurrency analyst warns that many altcoin investors are about to pay heavily for misreading the current market crash.
Altcoin Psycho warns: Many investors are about to get burned
Twitter analyst nicknamed Altcoin Psycho has updated his forecast for the altcoin market. In their most recent analysis, Psycho tells its 457,000 followers that trying to use the 2018 models to predict the minimum for 2022 is a false proposition. In part of the tweet, the analyst quotes:
Many investors who hit the recent low will burn out trying to time it. The market dynamics for risky assets between 2018 and 2022 are quite different; equity correlation, QT, inflation, etc. Using the same tools to program this fund as the last one will probably not work.
However, the expert analyst says that the explosion of big players is not an underlying signal like the last time:
The recent low was marked by the cancellation of some big names, but the shares were still in a bull market. It is no longer a background signal when an important player is eliminated. We are in a macro bear market right now, the lows are not bad for the good news This time around it may actually be different.
Investors misread the market, says the analyst
Altcoin Psycho encourages its followers to think of the bear market bottom as a matter of time, not price. For the next few periods, the analyst provided the following recommendations:
I think the fund will be a function of “when” and not “where”. ‘When’ usually means slow bottom formation. ‘Where’ usually means v-inversion. I find it hard to think about our return. I’m not trying to time a low based on price, actually I expect to see a positive shift in the macro.
Altcoin Psycho says it is bullish on this altcoin
The popular analyst says that while moving to certain altcoins, the Level 1 Blockchain Cosmos (ATOM) is still bullish. Meanwhile, on ATOM, the analyst’s predictions were quite positive:
I’ll look like a genius or a fool in a few years, but I can’t stress enough how optimistic I am about the ecosystem of the cosmos.
At the time of writing, Cosmos (ATOM) has been stable for the past 24 hours and is trading at $ 8.13. The analyst’s bullish outlook comes amid bad news from Ignite, the company behind Cosmos.
Cosmos development company Ignite cuts staff by more than 50%
The news comes amid the collapse of the cryptocurrency market and the return of the controversial former CEO of Ignite. However, two former employees of Ignite, the company that first built the Cosmos ecosystem, cut their workforce this week by more than half, according to a source close to the company. The news comes after Ignite CEO Peng Zhong announced Friday that he will be leaving the company. cryptocurrency.com As we reported, a similar decision had already come from Coinbase.
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