DeFi Altcoins Gain Strength Amid Crypto Pullback, Bitcoin Movement Acts As 2019 Pattern

Key Points:

• DYDX (dYdX), GMX (GMX), and Injective (INJ) are standing up quite well as the cryptocurrency rise comes to a halt.
• Bitcoin (BTC) could be continuing its late 2018 to early 2019 pattern. Bitcoin rebounded well in 2018 following a multi-month decline.
• The expert believes Bitcoin will rise above $25,000, with some estimates as high as $30,000.

A crypto strategist is keeping a close eye on three decentralized finance (DeFi) altcoins that he believes are gaining traction despite market consolidation.

Altcoin Sherpa, a pseudonymous analyst, informs that decentralized exchanges DYDX (dYdX), GMX (GMX), and Injective (INJ) are standing up quite well as the crypto rally cools.

DYDX is currently trading at $3.13, up more than 28% in the last 24 hours. GMX is now valued at $57.73, while INJ is at $3.30, representing gains of 1.6% and 19%, respectively.

According to the trader, Bitcoin (BTC) could be continuing its late 2018 to early 2019 pattern. According to Altcoin Sherpa, Bitcoin rebounded well in 2018 following a multi-month decline. Additionally, he claims that BTC is currently behaving similarly.

According to Sherpa, with this current surge, he believes the market is witnessing a version of 2018 moving into 2019, but everything is on a shorter time cycle. This is correct for a number of reasons, the most important of which is that 2022 was a slaughterhouse and did not resemble 2018.

The expert believes Bitcoin will rise above $25,000, with some estimates as high as $30,000. At the time of writing, Bitcoin is trading at $23,107, which is up 2.2% over the last seven days.

Coincu previously reported that crypto expert Benjamin Cowen, Bitcoin (BTC) is preparing for a probable trend shift that might result in an enormous rally akin to the one in 2019. The convergence point is similar to the conditions of 2019, which saw an explosive rally past the $6,000 price level.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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