It’s Day Two of the Blockchain Economy Summit – the UK’s biggest gathering of crypto companies and blockchain entrepreneurs.
Taking place in the heart of Europe’s financial capital – London, with two days jam-packed with Web3, NFT, cryptocurrency, blockchain and metaverse events.
With more than 3,000 attendees from over 65 countries gathering to join 70 leading companies in dialogue about the future of blockchain and the crypto space – crypto industry insiders revealed their opinions on how best to trade the markets this year.
How Is the 2023 Crypto Market Shaping Up?
High-profile algorithmic trading start-up founder Daan de Rover (A.K.A Crypto Rover) walked through market outlook for 2023.
“[We] can see that $25,000 for Bitcoin is really the level to break,” said Rover.
“we tested $25,000 and this was the level we couldn’t break – now we’re re-testing it again – and actually we already fell down back to $23,000 – so $25,000 is the level to break.
“What I don’t like about this market right now … in the short term we can clearly see we’re creating a rounded top structure … we could be likely to see a pull back right now.”
But the prominent trader saw reasons to be cheerful on the road ahead.
“If you look above [the resistance level] $25,000 to $29,000 is an extremely low volume range,” added Rover.
“So if we break above the $25,000 it could go up to $28,000-$29,000 very quickly but the question really remains can we break above 25k? And where is the market heading towards in terms of inflation? Because that’s really a big driver in the market.”
Daan also touched on the recent industry narratives that theorise the next bull run could be fuelled by Eastern economies.
“You think there’s a bear market until you go to Dubai … it’s like a bull market all the time because everyone is still putting effort and time into crypto,” said Rover.
“Crypto is so alive in Dubai …you can buy or rent your house with USDC, you can buy a car with crypto – you can do anything with crypto in Dubai.
“There is so much money in that market, and the Saudis have still not even entered this market yet”.
The Best Way To Research a Crypto Investment?
Crypto influencer Josh Moden – Founder of CryptoBusy – broke down his approach to carrying out due diligence on projects. Developed he claimed from a partnership with Coin Bureau’s Former Head of Research.
“To carry out due diligence, starts off by contacting the company and talking to team – [you] want to know who is behind this coin,” said Moden.
“Any coin with an anonymous founder or anonymous team – you’re asking for trouble.
“Volume is very important [for altcoins] you need to have enough liquidity … and then coupled with that is the exchanges that its on – which says a lot about the coin – where is it listed? Is it on an exchange that is credible?”
Jordan Kerridge – Founder of Crypto Saving Expert – added that a key area to look into when conducting due diligence checks is project funding.
“From my side [my primary research] is funding – the first thing I look at is how much money somebody has raised, and then you ask them how much do they have left,” explained Kerridge.
“And you would be shocked how many people had their entire company funds in FTX … I know of at least 100 different projects that had more than 80% of their funds in FTX.
“[And] this is why due diligence is so important – you might end up getting clipped by someone that bites”.
Best Crypto Portfolio For 2023?
Josh Moden explained how he’s structuring his portfolio for the coming year ahead.
“I’m dollar cost averaging into Bitcoin and Ethereum mainly, and some other top coins, but when it comes to lower cap coins … I’m waiting for them to show me the way with price action,” explained Moden.
“I’m waiting for a technical sign that this [low cap] coin wants to go up – volume plus [technical] structure – because these investments can be really lucrative but can lose 50% in two days”.
As for Crypto Rover – now an industry veteran – he explained how he’s adjusting his portfolio to a more conservative risk tolerance.
“The majority of my portfolio is Bitcoin and then 40% is altcoins – I’m mainly into Bitcoin as I don’t need to take any more big risks,” said Rover.
“And my strike is to Dollar Cost Average out of the market once we start breaking the All-Time High in a period of about 12 months.”
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