Bitcoin (BTC) is approaching the ‘Peak Opportunity’ zone, according to Top Crypto Trader
A popular crypto trader says that Bitcoin is approaching a price zone that can offer a very favorable risk-reward ratio for long-term BTC investors.
Pseudonym cryptostrateg Rekt Capital says his 320,900 Twitter followers that this cycle may be different for BTC as the royal crypt continues to trade during 200-week moving average (MA), an indicator that has previously marked the bottom of the leading digital asset.
“Historically, the 200-week MA has been a bottom indicator for BTC. In this cycle, things can be a little different. Instead of BTC bottoming at the 200-week MA, it could form a macro-area below it. Anything below the 200-week MA will probably represent top opportunity. ”
According to the crypto strategist, Bitcoin is likely to face seller fatigue as it trades below the 200-week moving average, as Rekt Capital sier can ultimately put long-term investors in a position to pick up BTC at a price range that offers maximum rewards.
“Throughout history, BTC has always deviated below the 200-week MA, but this time? The downside deviation has not had a strong / rapid recovery back above the 200-week MA. BTC recovery may take longer, but it is still a downside deviation.
BTC reaches historic levels of oversales. At some point, this extreme oversale will coincide with the point of maximum economic opportunity. “
Right Capital too sier that while Bitcoin is currently in a strong downward trend, it will eventually come to a conclusion that will open the door to a new bull cycle.
“BTC may still be very well in the ‘Downtrend Acceleration’ phase of its correction, but this phase will precede the ‘Multi-Month Consolidation’ phase, which will precede the ‘New Macro Uptrend’ phase.”
At the time of writing, Bitcoin is trading at $ 19,199.
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Disclaimer: Opinions expressed by The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock / Jorm S
