A Crypto Trader’s Take on Bitcoin Weakness and Accumulation Opportunity
If you’re keeping an eye on Bitcoin, here’s an interesting perspective from a crypto trader who accurately predicted a breakout earlier this year. According to this analyst, Bitcoin is currently showing signs of weakness.
The delay in the approval of spot-based Bitcoin exchange-traded funds (ETF) is not surprising news for traders. However, when the news broke, BTC still experienced a drop in price.
The analyst points out that the market response has been unexpectedly negative, considering the predictability of the bad news. This suggests that there might be underlying weakness in the market.
Despite Bitcoin’s struggle to regain its uptrend, the trader mentions that a significant downward movement would make him consider re-entering the BTC market. A strong liquidation event could potentially flush out overleveraged traders, setting up BTC for a bounce or continuation of the uptrend.
As of now, Bitcoin is valued at $25,746.
Hot Take:
Keep an eye on Bitcoin’s market movements and lookout for potential accumulation opportunities.
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