I am Buying Bitcoin At $8.5k, Says a Renowned Analyst
Since Bitcoin crashed a few days ago, it has been striving to form a basis for the immediate move.
Several analysts profess that Bitcoin is currently showing weakness. However, in recent times, a renowned trader known as LightCrypto provided an extensive explanation regarding the reason he is buying Bitcoin near $8.5k to $8.6k level.
He noted his stance on Bitcoin, remarking that the cryptocurrency has sustained amazingly well as gold declined below $1,600 after moving close to $1,700.
According to the analyst, Gold’s fall is another sign of an emotional and capitulatory macro environment, while Bitcoin’s effective flatlining shows that sellers still support the cryptocurrency.
Light further highlighted Bitcoin’s bid-side demand:
“The tuned-in market observer has also seen tremendous absorption of chunky multi-million dollar market sells into a confluence of potential support levels. This sort of spasticated action with price not budging downwards is indicative of a large, patient latent buying interest.”
His technical outlook seems fairly optimistic and it has been emphasized by a growing pace of bullish fundamental factors for Bitcoin. He noted the factors that make the cryptocurrency inherently bullish: the imminent nature of the block reward halving in May 2020, the possible interest rate cuts from central banks worldwide, as well as the fiscal stimuli being promised by the governments globally.
There are other analysts with optimism regarding these bubbling cryptocurrency markets. Josh Olszewicz noted that there is correlation between surges in the stock market’s volatility and Bitcoin bottoms.
Featured image courtesy of Shutterstock. Source: Cryptopress.