Whale Says Sector of Crypto Markets at ‘Massive Discount’, Issues Price Warning to Fellow Traders

A popular crypto analyst, trader and whale is issuing a warning to traders.

The pseudonymous trader, known in the industry as Crypto Messiah, says in a new interview with Hxro Labs that it may be some time before the next leg of the crypto bull run kicks off.

“I definitely think that people are overly excited, too soon. If we are going to rally again, historically if this is the double bubble, then we have months left to go, I think, before we start moving up again.”

Crypto Messiah also, however, thinks assets in the decentralized finance (DeFi) sector of the crypto markets are currently priced at a serious discount.

“I do think DeFi is at a massive discount… One of the interesting things about DeFi is that DeFi can run when other things aren’t. If you looked at DeFi summer [last year], DeFi was pretty much just running by itself. Altcoins weren’t running with DeFi. Or at least at the start of DeFi summer.

I remember altcoins all kind of went like 2x. And then DeFi took the stage, and it was DeFi, DeFi, DeFi.”

The analyst cites Aave (AAVE) as one of the top projects in the DeFi space. He says traders will likely have ample time to accumulate DeFi assets before the market picks back up again.

“If it is at accumulation range you will have time to buy it and also, if it’s not, I highly doubt this is just going down, and now we’re going straight back up to all-time highs.

They’re going to need to confirm that the bottom is in somehow. You can do that a couple of different ways. You can put in some kind of bottom formation, or you can establish some kind of accumulation range.” 

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Featured Image: Shutterstock/Anne Powell

Source: https://dailyhodl.com/2021/07/02/whale-says-sector-of-crypto-markets-at-massive-discount-issues-price-warning-to-fellow-traders/