A widely-followed trader and analyst is keeping a close watch on one nascent crypto sector that he believes will soar to greater heights after the market-wide correction.
In a new tweet, the crypto strategist known as Altcoin Psycho tells his 194,600 followers that he’s looking at the decentralized finance (DeFi) sector to be the recipient of profits rotating out of irrelevant altcoin projects.
“In the near future, I think money is going to start flowing out of dead projects and back into DeFi. This could give the *appearance* of a top, but it won’t be. We’ll see a lot of red, but it’ll be in the form of rebalancing… When this happens, I expect money to flow back into DeFi and we see tons of DeFi projects hit new highs.”
Altcoin Psycho is one of the few analysts who nailed the timing of the correction across the crypto markets.
This is exactly what I wanted.
Don’t forget the long term plan. https://t.co/CuSFqRMAMh
— Altcoin Psycho (@AltcoinPsycho) April 18, 2021
As for Bitcoin, the crypto strategist believes that the BTC bull market has yet to drop the curtain.
“We’ll likely go lower on BTC but this is not the bull cycle top.”
Looking at Ethereum (ETH), Altcoin Psycho expects the leading smart contract platform to stage an epic bounce and print a new all-time high.
“If ETH gets flushed out, I’m buying the dip very heavily. We will see ETH at $3,000. Not if, but when.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Sergey Nivens