Bitcoin has stabilized around the $37,000 level, remaining rangebound as it seems to take a break between potential moves up or down, according to the crypto analyst and trader in his YouTube video on Nov. 27th.
The host believes this period of sideways trading for Bitcoin (BTC) creates opportunities in other cryptocurrencies that are still seeing significant price movement.
As long as there’s money in the market, Bitcoin can go quiet. […] It can slow down, but you will have something moving that was not moving last week.
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In particular, Evans pointed to gaming-related cryptocurrencies as top performers right now, with tokens like Gala Games (GALA), Sandbox (SAND), Decentraland (MANA) and others in the sector seeing strong gains recently.
While you’re waiting for Bitcoin to do its thing, it’s time to be where the bees are at. And you can see Alluvium pumping, Gala pumping, Axie pumping. All of a sudden Axie is coming to life. We have Sandbox. We have Rollbit. We have MANA. We’ve got many different tokens. You can see over the last week they are starting to wake up.
The analyst warned traders not to chase tokens that have already seen parabolic moves but rather look for ones breaking out of key levels that could signal further upside. As an example, he highlighted gaming token GALA approaching all-time highs, which he believes could see 150% gains from current levels.
The host also noted increased interest and volumes coming into meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB). He expects a combination of Bitcoin’s sideways action and rising hype around meme tokens to possibly ignite a new “meme season” where assets like Doge and Shiba see massive spikes.
The trader does have some concerns around Bitcoin’s weekly chart, which has formed what he called a “bearish” candle over the past week. He said if Bitcoin loses the $37,000 level on a weekly closing basis, it would signal that a larger pullback is imminent. In that case, he would expect Bitcoin to fall back toward the $35,000 or even $34,000 area before finding support.
Even in a scenario where Bitcoin pulls back further, Evans is confident there will still be opportunities to profit. He stated his belief that volatility is returning to crypto markets this week, which could set up clear long or short trades depending on Bitcoin’s direction.