The cryptocurrency market is bound to remain a place where people share insights that range from valuable to absolutely worthless. Trust is hard-won in crypto. But successful crypto traders willing to share valuable insights do exist. Luckily for those of you interested in knowing who they are, social media exists. Traders with substantial followings tend to have been vetted by the collective wisdom of their audience and the history of their predictions.
We’re going to look at the who’s who among crypto traders. It’s a good exercise in expanding your horizons and connecting with a greater resource base. Sometimes learning more about a trader’s investment approach helps to inform and refine your own investment style. That alone is valuable in and of itself. Other times, those crypto traders provide timely advice that is immediately profitable.
Here are three crypto traders I’m following that I think provide this kind of value.
Pentoshi is a social media star with a large following on Twitter who can be found here. Currently, this account has around 690,000 Twitter followers. Now, it’s difficult to assess just how successful Pentoshi is, given that he remains anonymous.
However, Pentoshi accurately predicted the late 2021 crypto downturn, earning him a mass of Crypto Twitter followers. His success is evident in his massive following and his ability to predict large swings, making him something of a reliable market economist worth following.
He is adept at taking the 10,000 foot view and distilling it into actionable insights for his audience. Pentoshi accurately predicted the decline in 2022 before it happened. He then also predicted a Bitcoin (BTC-USD) bottom near the end of 2022 prior to its occurrence. Remember, that was at a time when the majority of market chatter, with speculation that Bitcoin could fall below $10k.
Overall, Pentoshi is an excellent follow for those investors who want to better understand the overall direction of the crypto markets.
DonAlt, like Pentoshi, accurately predicted the bottom for Bitcoin in late 2022. Another pseudonymous Twitter presence, DonAlt has nearly 500k followers and a cartoon duck avatar for his account.
This account offers lots of technical advice, rich with charts and technical analysis. However, it doesn’t bombard the reader with technical jargon that can often be very confusing. Instead, DonAlt offers insights into general market sentiment based on signs that they see.
For example, this account perceives the recent run-up in Pepe (PEPE-USD) to be a valuable barometer for overall risk in the market. The buying spree that took PEPE so much higher so quickly was a sign of idiocy and risk-taking that will have run its course when PEPE falls in value 90-95%. As noted, DonAlt isn’t interested in Pepe, only in using it as a barometer of market health.
The account also offers practical advice like canceling unused subscriptions, which although unrelated to crypto, is sound advice overall.
I knew nothing about CryptoCred prior to writing this article. But as I went to his Twitter and began to read, one thing stuck out – he is a realist. That’s invaluable in the scam-filled crypto world.
In one of their first posts I came across, CryptoCred said, and I’m paraphrasing, ‘Twitter is a highlight reel of unrealistic results where traders exaggerate their winners while minimizing or ignoring their losers.’ That sounds about right. And it’s also exactly the kind of realistic advice any investor should seek out whether trading in stocks, crypto, or whatever else.
Apparently, CryptoCred is also well-connected to DonAlt as well. In a recent YouTube video by CryptoCred in which he discusses technical signs, he also mentions that he and DonAlt will do a show that was pushed back. The reason the show was pushed back is that DonAlt was castle hunting, per CryptoCred. I guess he must be reasonably successful then, indeed.
On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.