‘When others are selling, buy. When others are buying, sell’ is a mantra attributed to numerous trading legends. This may just be the case for Bitcoin right now
Yesterday, the Bitcoin (BTC) price surged 12% in less than 24 hours. It made some traders start eyeing a real bullish rally. The analyst Income Sharks, an advisor from the Glassnode on-chain research team, believes that another such swing could trigger FOMO buyers.
When FOMO starts
According to this trader, many people have already missed brilliant opportunities to buy Bitcoin (BTC) under $4,000, $5,000 and even $6,000. But if the next major resistance at $7,000 breaks, the price of the orange coin may be catapulted by ‘fear-of-missing-out’ or FOMO.
Analyzing the latest daily candles, Income Sharks concluded that the Bitcoin (BTC) bull run has already been confirmed by a ‘supertrend’. Nevertheless, the sub-$7,000 waters still remain in the ‘buy the dip’ area for him until a ‘short signal’ is printed.
He also disclosed that he managed to make the right move for the recent Black Thursday, as he got out of Bitcoin (BTC) at $9,000:
I moved most of my BTC to tether when it was up at $9k. And bought when it was lower. Then I trade to accumulate BTC.
Rally in doubt
Alongside such a bullish prediction, some prominent analysts are sure that Bitcoin (BTC) is still too weak to break past even the $6,500 level and hold above it. Yesterday, it only held for 30 minutes in this zone. According to Michael van de Poppe, the $6,500 level may trigger a bearish U-turn.
This conclusion goes in line with the predictions of CryptoBirb, a prominent analyst and founder of The Birb Nest educational platform. According to him, $6,400-$6,600 is the most comfortable area for the ongoing Bitcoin (BTC) price move.
At printing time, Bitcoin (BTC) is trading at $6,375 on major spot exchanges.