Recently, the co-founder of crypto hedge fund Mechanism Capital, Andrew Kang, shared his latest move in the crypto market.
Andrew Kang, is a well-known person in the crypto community, he is a venture capitalist and a writer in the crypto field. Currently, he is co-founder of Mechanism Capital investment fund – a fund specializing in investing in DeFi projects.
Recently, on Twitter, Kang said that he had sold most of his short and medium-term positions on the pivot point.
“Sold most of the short and medium term positions on the pivot point. Expect a 50-70% retracement for altcoins from the top,” said Kang.
*Pivot Point is the pivot point of the market to help identify support and resistance levels, which are areas where price could reverse*
Kang added that he will consider buying back when BTC reaches $25,000 and ETH is $1,600.
Sold most short to mid term positions on this pivot point
Expecting 50-70% retracements on alts from highs
Will consider buying back at those discounts / BTC & ETH at $25k / $1.6k
— Andrew Kang (@Rewkang) April 21, 2023
Along with Kang’s point, trader Keyur Rohit also said that he will wait for the BTC price to return to $25,000 to buy back, and predicts the altcoin will continue to correct sharply with ETH possibly falling to $1,500.
Bitcoin in the morning session of April 22, continued to have a correction. At the time of writing, the world’s largest digital currency is trading at $27,374, down 3.3% over the past 24 hours. Compared to the price of the past 7 days, this coin is down 10.2%.
According to data analytics firm Coinglass, “the market has seen almost $200 million in liquidations in the last 24 hours as BTC moves down to $27,300.”
BTC Dominance is at 43.9%, according to Coinecko.
Dom decrease and BTC price decrease, now investors need to observe the capital flow of the market. It is possible that Altcoins will fall with BTC, but may then bounce back higher before falling. Therefore, investors can buy and hold well-rated Altcoins with good products but must pay attention to reasonable entry points.
*This article is for reference only and should not be considered as an investment recommendation*
See also: Bitcoin wallet ‘awakened’ after 10.5 years of inactivity, suddenly moved 279 BTC