A widely followed cryptanalyst says Bitcoin’s (BTC) volatile moves are distracting from its overall upward trajectory.
Pseudonymous cryptocurrency trader Rekt Capital says his 340,000 followers on Twitter to beware of distractions caused by short-term volatility in the BTC markets.
“BTC’s short-term volatility exists to distract you from Bitcoin’s long-term advantage.”
The pseudonymous merchant even more Explain your point in a follow-up message.
“In the coming months, there will be periods of BTC bullish and bearish price action
Just knowing this will make you feel less emotional about the movements that happen.
You don’t have to capitalize on every move because there is always another opportunity.”
Rekt Capital then points a sign that a strong uptrend is around the corner for the crypto king.
“At this point, BTC’s current bullish engulfing quarterly candle is decisively absorbing the price action of the previous 6 months.
Bullish engulfing quarterly candles have preceded a sharp rally in the past.”
The pseudonymous analyst also suggests that all BTC has to do is close the week above $25,000 to confirm a new bullish macrotrend.
“All BTC needs to do to confirm a new macro uptrend is the monthly candle close above ~$25,000
So far, so good.”
Bitcoin is worth $28,031 at the time of writing, down 1.86% in the last 24 hours.
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