Bitcoin (BTC) Approaching ‘Peak Opportunity’ Zone, According to Top Crypto Trader
A well-liked crypto dealer says that Bitcoin is approaching a worth zone that would supply a extremely favorable risk-reward ratio for long-term BTC buyers.
Pseudonymous crypto strategist Rekt Capital tells his 320,900 Twitter followers that this cycle may be totally different for BTC because the king crypto continues to commerce under the 200-week shifting common (MA), an indicator that has beforehand marked the underside for the main digital asset.
“Traditionally, the 200-week MA has figured as a backside indicator for BTC. On this cycle, issues could also be a bit totally different. As a substitute of BTC bottoming on the 200-week MA, it could kind a macro vary under it. Something under the 200-week MA will probably characterize peak alternative.”
In keeping with the crypto strategist, Bitcoin will probably face vendor exhaustion because it trades under the 200-week shifting common, which Rekt Capital says may finally put long-term buyers able to choose up BTC at a worth space that gives most rewards.
“Throughout its whole historical past, BTC has at all times downside-deviated under the 200-week MA, however this time? The downside-deviation hasn’t had a powerful/fast restoration again above the 200-week MA. The BTC restoration could take longer, but it surely’s nonetheless a draw back deviation nonetheless.
BTC is reaching historic ranges of overselling. Sooner or later, this excessive overselling will coincide with the purpose of most monetary alternative.”
Rekt Capital additionally says that whereas Bitcoin at the moment stays in a powerful downtrend, it would finally attain a conclusion, which might open the door for a brand new bull cycle.
“BTC should very effectively be within the ‘Downtrend Acceleration’ section of its correction however this section will precede the ‘Multi-Month Consolidation’ section, which can precede the ‘New Macro Uptrend’ section.”
At time of writing, Bitcoin is buying and selling for $19,199.
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