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.
Don’t miss a thing: sign up to receive crypto email alerts straight to your inbox
Check Price Action
follow us TwitterFacebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investment in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any loss you may incur is your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and The Daily Hodl is not an investment adviser. Please note that The Daily Hodl is involved in affiliate marketing.
Featured Image: Shutterstock/Macrovector