You might have heard about GCR, a famous multi-millionaire crypto trader. He allegedly had an alternative Twitter account, where he confessed to pumping altcoins recently. This account is deleted now.

One of the account’s latest tweets says:

“Market will never appreciate how me aping millions into single altcoins with paper thin order books, with terrible execution, pumped their bags the past few weeks 

No Alameda Research left, so someone had to do it.”

He then said that pumping prices wasn’t intentional. He didn’t think December’s price action was organic, so he wanted to buy some altcoins before January. Given that his positions are in the range of millions, accumulation led to prices pumping. 

So, was all of January’s bullishness due to one person? Most likely not. Equities were also doing well on the somewhat weakening economic data and signs of inflation rolling over. The stock market’s participants expected that major indices like SPX and QQQ would break multi-month diagonal resistances. So far, it hasn’t happened, though.

Source: Yahoo Finance.

Meanwhile, BTC is still under the significant support / resistance line of the 200-week moving average. I’m not a technical analyst, but I respect this metric.

Source: Binance.

Crypto wants to go higher. When the SPX rebounds a little bit, crypto moves up sharply. Apparently, the GCR pump helped restore the crypto sentiment. But future moves will depend on what Jerome Powell says. His hand is much heavier than GCR’s.

I won’t speculate on the bottom, though I do have my thoughts on the matter. There’s a reason why I keep preaching DCA. It’s not a “Chad” strategy but a survival one. 

Even if the bottom is in, the Bitcoin halving is still pretty far away, and 2023 can end up volatile due to the ongoing fight with inflation and potential geopolitical surprises. The task is not to fumble the bag, because when crypto moves to new all-time highs, you should be in the front seat, not shaken out.

I remember the shakeouts of 2021. I sold some of them, and I don’t regret it. That’s because I was somewhat prepared before BTC went past $20,000, and I sold in portions just like I bought in portions. I didn’t nail the bottom. I just held a bag through it, like I held one through this potential bottom. 

If you haven’t been DCAing, I think 2023 will be a good year for this. Selling can wait until 2024.

SIMETRI Portfolio – Taking Off

Disclosure: The author of this newsletter holds ETH. Crypto Briefing and members of the research team hold some of the Pick of the Month coins mentioned in the table above. Read our trading policy to see how SIMETRI protects its members against insider trading.