Veteran Trader Goes All In On Bitcoin (BTC) Again, Says Bears Are “Doomed” – Here’s His Outlook
Popular crypto analyst CryptoCon (@CryptoCon) expressed an optimistic outlook on Bitcoin this week, predicting that further declines are unlikely despite recent price volatility.
In a tweet to his over 63,000 followers on Saturday, CryptoCon pointed to data showing strong support around $31,000 from long-term Bitcoin holders:
“Bitcoin support doesn’t get much stronger than this! Price has flipped the 150% long-term holder profit line to the upside. Besides the 2020 black swan, it has now become very unlikely to return much below $31,000.”
He observed that such holders “haven’t budged an inch” and are unlikely to sell with profits only around 150%. Historically, he noted, Bitcoin’s price tends to revisit this 150% line before embarking on a steeper ascent.
CryptoCon also revealed in a second tweet that he had gone “all in” on Bitcoin at $16,500 about a year ago, having sold holdings bought at under $10,000 at around $54,000 in April 2021:
“I left the space for a 1 1/2 years, until I heard about the FTX crash. The Monthly RSI was one of the many indicators I used to make these decisions.”
He said he urged followers at the time to buy based on similar RSI analysis. Despite the recent volatility with the FTX situation, CryptoCon closed by hinting additional parabolic advances lie ahead:
“The RSI double top or something of the likes, will come again!”
So while uncertainty prevails in crypto markets currently, longtime analysts like CryptoCon are standing firm in their optimistic long-term outlook on Bitcoin. According to him, underlying holder behavior suggests the bull run still may have room left.
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