• Crypto analysts Altcoin Psycho and DonAlt are hesitant to buy or accumulate digital assets due to the hype surrounding meme tokens.
• They believe this could be a sign that the 2021 crypto uptrend is nearing its end.
• Altcoin Psycho recommends waiting for Bitcoin (BTC) to retest the $25,000 level as support before making any moves.
Analyst Cautious To Accumulate Crypto Following Memecoin Hype
Two closely followed crypto analysts, Altcoin Psycho and DonAlt, have expressed reluctance in entering the markets amid current memecoin rallies. The two strategists believe these movements may indicate that this year’s crypto uptrend is coming to an end.
Why Are Analysts Hesitant?
The analysts agree that liquidity games are causing people to become spooked when old dino coins and memecoins start pumping. This is because most quality tokens have already pumped in value, leaving little else other than “dead chains” or projects with no working development teams left unpumped.
Bitcoin Price Action
Altcoin Psycho suggests watching how Bitcoin price reacts around $25,000 as it has been a significant area in the past. If Bitcoin does not show much reaction at this price point then it could indicate that a new range has been created below $24,000 – $23,000 level.
Forecast For BTC
At the time of writing Bitcoin is trading at just above $26,862 but the analyst forecasts more testing of support at $25,000 before any significant movement occurs.
Ultimately both analysts agree that caution should be taken when investing into digital assets during memecoin hype and recommend watching Bitcoin’s price action carefully around key levels such as $25k for potential entry points into the market.