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Popular Crypto Analyst Says Bitcoin’s Short-Term Volatility a Distraction From Upward Macro Trend

source-logo  dailyhodl.com 24 March 2023 20:16, UTC

A widely followed crypto analyst says the volatile movements of Bitcoin (BTC) distract from its overall upward trajectory.

Pseudonymous crypto trader Rekt Capital tells their 340,000 Twitter followers to beware of distractions caused by short-term volatility in the BTC markets.

“The short-term BTC volatility exists to distract you from Bitcoin’s long-term upside.”

The pseudonymous trader further explains their point in a follow-up message.

“In the next months, there will be periods of both BTC up trending & downtrending price action

Just knowing that will make you less emotional about the moves that do happen

You don’t have to capitalize on all moves because there is always another opportunity.”

Rekt Capital then points to one sign that a strong upward trend is around the corner for the king crypto.

“At this point, the current BTC Bullish Engulfing Quarterly Candle is decisively engulfing the previous 6-months’ worth of price action

Bullish Engulfing Quarterly Candles have preceded strong upside in the past.”

Source: Rekt Capital/Twitter

The pseudonymous analyst also suggests that all BTC needs to do is close the week above $25,000 to confirm a new macro uptrend.

“All BTC needs to do to confirm a new macro uptrend is Monthly Candle Close above ~$25,000

So far, so good.”

Source: Rekt Capital/Twitter

Bitcoin is worth $28,031 at time of writing, down 1.86% in the last 24 hours.