Prominent cryptocurrency trader Eugene Ng on Saturday shared his trading reflections for September, highlighting a successful month that saw him net nearly $7 million in profits.
What Happened: His keen market strategies and timely decisions during a pivotal period have led him to predict a significant upcoming surge in Bitcoin BTC/USD and other leading cryptocurrencies.
Ng began the month with a conservative trading approach, reducing volumes after experiencing “scam wicks” in August.
However, things changed as he anticipated a bullish move ahead of the Federal Open Market Committee (FOMC) meeting. "The biggest correct decision I made this month was going long pre-FOMC," Ng reflected in his post.
He took advantage of the market dynamics when most participants were focused on events like Token2049, rather than on market charts.
This allowed him to make high-leverage trades while his competitors were distracted.
Despite facing skepticism for his views at the time, Ng stuck to his strategy, staying ahead of market shifts.
"I nailed almost every single outperformer," he added, although he admitted to some missteps in trade sizing, particularly with assets like SUI SUI/USD, PEPE PEPE/USD and ENA ENA/USD.
As for the future, Ng is currently "mostly out of the market," but is poised to re-enter when he sees clear signs of leverage flushes.
His outlook for the end of the current crypto cycle is notably bullish, contingent on factors such as a potential Trump win and a soft landing for the economy.
In a separate tweet, he provided his price ranges:
- Bitcoin (BTC): $100,000 – $200,000
- Ethereum (ETH): $4,000 – $6,000
- Solana (SOL): $500 – $1,000
- Total Crypto Market Cap: $5 – $10 trillion
“Leg 2 is beginning. Time to lock in,” Ng stated, signaling what he sees as the onset of a new phase in the market cycle.
His predictions align with a growing sentiment among some analysts that the crypto market could be preparing for a major upward trend.
What’s Next: These market movements and future prospects will be key topics at Benzinga’s Future of Digital Assets event on Nov. 19.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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