Crypto analyst and YouTuber Tyler Swope believes that prevailing sentiment might drive traders into making a big mistake just before the market makes a huge move.
In a new video, Swope tells his 247,000 subscribers that he believes bears are going to get left behind as Bitcoin gears up for the next leg of its market cycle.
ADVERTISEMENT
“We are smack-dab in the middle of the bear trap, A.K.A. (also known as) we are still in the awareness phase of this hypercycle.”
According to the YouTuber, the awareness phase is when the first sell-off occurs prior to sustained growth that leads to new highs.
With the assumption that the crypto market is still in the early stages of the boom cycle, the YouTuber predicts that altcoins are set to go parabolic.
“Because if this is true, the bear trap, altcoins across the board are going to go parabolic once again in that mania phase. They call it mania for a reason because everyone and everything goes crazy. You could throw a dart at a spinning dartboard of different altcoins and pick a winner in the mania phase.”
Per Swope, one of the altcoins he expects to go up is meme coin Alchemist (MIST).
“One of my top picks for just that is Alchemist Coin, MIST. Why are they still one of my top picks? One Word…..MistX.
The analyst explains that the Alchemist project recently launched MistX, a decentralized exchange that mitigates front-running or back-running risks.
“MISTX is the world’s first FlashDEX, a.k.a it’s the first time in Ethereum history that regular users and traders get access to Flashbot’s technology!
Flashbots is a distributed and decentralized research and development organization, whose goal is to help solve the problems associated with MEV (Maximal Extracted Value)…
Transactions via MistX do not publish user transaction information to a public mempool, but instead bundle transactions together in Flashbots bundles. This effectively hides the information from front-runners and thus prevents your transactions from being manipulated, front-run, or sandwiched.”
l
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
ADVERTISEMENT
ADVERTISEMENT
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong
Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://dailyhodl.com/2021/06/02/is-this-a-bear-trap-major-market-movement-coming-for-altcoins-according-to-analyst-tyler-swope/
