A widely followed crypto trader is predicting what must take place for leading digital asset Bitcoin (BTC) to flip bullish.
Pseudonymous crypto strategist Rekt Capital tells his 319,000 Twitter followers that Bitcoin will likely continue to struggle until its buy-side volume starts to go up.
“[Bitcoin’s] buy-side volume is below average so until that changes, chances for upside are also below average.”
Rekt Capital also notes that BTC’s buy volume this week pales in comparison to previous bear market bottoms that formed around the 200-week moving average.
“The end of the week is closing in and the BTC buy-side follow-through on last week’s extreme sell volume is still very low compared to buyer volume at previous Bear Market Bottoms formed around the 200-week moving average.”
Rekt Capital then warns traders saying that Fear of Missing Out (FOMO) BTC investing should generally be reserved for red days, especially if BTC is below $20,000.
“If you FOMO on a green day… You won’t have enough ammo to FOMO on a red day. If you must FOMO – choose a red day. Especially a red day when BTC is below $20,000.”
He also says the top crypto asset by market cap will likely bottom out when investors least expect it to.
“Not only will the BTC bottom take place when you least expect it to. But it will occur in a moment when you are devoting less time/thought to crypto in general. Consolidation inspires boredom & downtrends provoke the ostrich effect. Both distract from opportunity.”
Bitcoin is changing hands at $20,822 at time of writing, a 2.5% increase on the day.
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The post Here’s What Needs To Happen for Bitcoin To Reverse Course, According to Top Crypto Analyst appeared first on The Daily Hodl.
source https://dailyhodl.com/2022/06/24/heres-what-needs-to-happen-for-bitcoin-to-reverse-course-according-to-top-crypto-analyst/