The crypto market is currently flashing a mixed signal where most of the large cap cryptocurrencies have turned red. However, the first two cryptocurrencies, Bitcoin and Ethereum, are still holding on to their crucial level of $23,000 and $1,500 area. At the time of writing, Bitcoin has dropped 0.15% and is now trading at $23,082.

Meanwhile, a well-known crypto strategist and trader who is anonymously known as Altcoin Sherpa is predicting a bullish target for DYDX, GMX, and Injective. The analyst claims that these three decentralized altcoins are performing really well while the crypto market’s shifts between ups and downs.

$DYDX $GMX and $INJ: Red days in a bull environment clarifies a lot- which alts are strong, which ones are dumping, etc. Perp dexes aren’t moving in this red day; they’re holding up very well. There is a lot of strength with these.

— Altcoin Sherpa (@AltcoinSherpa) January 30, 2023

Currently, DYDX is trading at $3.14 after a surge of 23.31% over the last 24hrs. While GMX and Injective are worth at $57.7 and $3.30 with a gain of 1.33% and 16.35% respectively in the past day.

Bitcoin Price At $30,000

Next, the strategist talks about Bitcoin and claims that the King currency is moving mirroring its late 2018 and early 2019 trade cycle. As per the analyst, Bitcoin had a massive bull run in 2018 once the currency was pulled back. Back then the flagship currency had spiked from $3,000 level to that of $14,000 area.

2018 I think we saw very clear signs of a prolonged downtrend, followed by an accumulation cycle, followed by a strong move from 3-14k.

— Altcoin Sherpa (@AltcoinSherpa) January 30, 2023

Further, Altcoin Sherpa claims that Bitcoin is trying to display a similar pattern in 2023. However, he believes that this trade pattern is for a short term.

2023: I think we’re seeing some sort of version of 2018 going into 2019 with this current rally, but everything is on a shortened time cycle. This is true for a few reasons; the primary being that 2022 was a slaughterhouse and didnt look like 2018.

— Altcoin Sherpa (@AltcoinSherpa) January 30, 2023

Before Altcoin Sherpa concludes his analysis, he is confident that Bitcoin will hit a target of $25,000 and also reach as high as $30,000.

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