Benzinga - A pseudonymous crypto trader known as Crypto Tony on Monday suggested that liquidity is flowing from Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) into meme coins.
What Happened: In a tweet to his 289,000 followers, the analyst pointed out that this could be the reason for the recent “SELL IN MAY” phenomenon.
Liquidity going into #Memecoins from $BTC / $ETHSo this is what is causing "SELL IN MAY"
— Crypto Tony (@CryptoTony__) May 1, 2023
CryptoTony’s comments come at a time when meme coin Pepe coin (CRYPTO: PEPE) is experiencing a 2,300% rally in the past 30 days, surpassing Dogecoin (CRYPTO: DOGE) in trading volume over the past 24 hours.
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Why It Matters: The crypto trader revealed that he is still waiting for a position entry on Bitcoin, and his best option would be to wait for a long position upon a test of the range low at $26,600. He also suggested that he may even go for a short if they fail to hold this position.
$BTC / $USD – UpdateCurrently still waiting for a position entry, and best bet for me would be to wait for a long upon a test of the range low at $26,600. May even go for a short if we lose this EQ cleanly
Plan for the day on #Bitcoin pic.twitter.com/C83JpLCqXA
— Crypto Tony (@CryptoTony__) May 2, 2023
The analyst on Sunday predicted that Dogecoin (CRYPTO: DOGE) will double in value but only after reaching new lows. He said either “Bitcoin BTC/USD will go on a tear” to bring other altcoins up or Bitcoin will fall and bring altcoins up, but either way he is keeping a close eye on Altcoins in the third and fourth quarter of 2023.
Price Action: At the time of writing, BTC was trading at $28,100 down 1.78% in the last 24 hours, according to Benzinga Pro.
Read More: Bitcoin, Ethereum, Dogecoin Trade Mixed Amid Regulatory Uncertainty: Analyst Says Apex Crypto Isn’t Getting A Boost Despite Upbeat Mood On Wall Street
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