Trader Luyao said on Aug. 26 that price projections in trend trading are ultimately a matter of probability, and that traders need to understand that reality to avoid irrational decisions and oversized positions. In his view, the broader crypto market is still in a bear market, while HYPE is the only asset in a bull cycle because it has already set a new all-time high and may keep doing so.
Luyao had also commented after a recent market rebound that crypto is still in a broader bear-market phase, though it may have moved into the first half of the later stage of that cycle. He described that period as a "monkey market," marked by sharp moves up and down. He added that the current rally may continue, with Bitcoin possibly testing the $90,000 to $100,000 range, but said the bear cycle has not ended yet when judged by its duration and the scale of the previous decline. He also advised investors not to stay fully in cash or fully invested, but to participate with moderate position sizing. According to HTX market data, HYPE recently rose sharply from a stage low of $51, briefly broke above its previous all-time high of $83, and was last quoted at $81.
BlockBeats reported on Aug. 26 that well-known trader Luyao said any attempt to project trend prices is only a probability exercise, and traders should recognize that nature of the market to avoid irrational decisions and position expansion.
Luyao said he believes the broader crypto market is still in a bear market, and that HYPE is the only asset currently in a bull cycle because it has already hit a record high and, in his view, will continue setting new highs.
Luyao's recent view on the current market phase
Following a recent market rebound, Luyao had said the crypto market remains in a broader bear-market cycle, but may already have entered the first half of the later stage of that bear market. He described this phase as a "monkey market," meaning price action is characterized by obvious swings up and down.
He also said the current rally may still have room to continue, with Bitcoin possibly moving higher toward $90,000 to $100,000. At the same time, he said the bear cycle is not over yet based on its duration and the size of the previous decline, and that the market may still see sharp volatility ahead. For investors operating in the current phase, Luyao said they should avoid being completely out of the market or fully invested, and instead participate with appropriate position sizing.
Recent HYPE price action
According to HTX market data, HYPE has shown strong recent performance. It climbed sharply from a stage low of $51, briefly broke above its previous all-time high of $83, and was last trading at $81.
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