EllioTrades thinks the current crypto market is different from previous years even though there is blood on the highway with tonnes of opportunities regardless of how the trend turns. In his new video, the Youtuber looked at what could happen next for Bitcoin, Ethereum and alt coins.
Ellio says it’s really going to be concerning if Bitcoin retraces below previous high around the $40k range which is a strong support after the price rocket ride from low $30k to $60k, nearly doubled. The 24% retracement [including the wicks] is by no means the most aggressive in bull markets, upwards of 40% and 70%[in 2013] have been experienced and still don’t spell the end of the bull cycle (0:57).
The current bull run is completely unlike ones in the past because it’s being powered by new innovation, DeFi, that puts cryptocurrency liquidity to work like lending, borrowing, yield bearing services. Crypto no longer needs to go up or down in value to create volatility (2:38).
Ellio says DeFi would be one of those areas that will continue to thrive and experience insane growth, believes DeFi coins will have giga pumps even after Bitcoin reveals if it is the case that its run is over (5:15).
Other discussed projects include Akash Network, up 10x from when first covered in December (7:42). SuperFarm partnership with Animoca Brands to launch exclusive NFTs drops and farms. The company develops and publishes mobile games in addition to other products based on popular intellectual property (8:01).
This episode premiered on February 27th, 2021