A widely followed crypto analyst expresses surprise at Bitcoin’s (BTC) latest historic rise.
Pseudonymous crypto trader Rekt Capital shares his disbelief at the rapid rise of BTC with its 400,000 followers on the social media platform
“Can you believe that the price of Bitcoin has increased by almost $10,000 in the last ten days?”
Speaking to the commentary that is often accompanied by Bitcoin’s volatile up-and-down prices, the analyst pokes a bit of fun at the crypto community.
“With BTC so strongly on the upside, many will doubt that BTC will ever pull back
But when a pullback occurs, many will doubt whether BTC will ever rally again.”
According to the analyst, traders have done that purchased got into crypto king last month due to fear of missing out (FOMO), got lucky and has since made it big.
“Those who entered BTC through FOMO that week in January were probably up +30% on their positions.”
BTC is worth $52,322 at the time of writing, up 15% in the past week and 21% in the past 30 days.
According to the analyst, the next ‘buy’ is possibility for BTC traders during the pre-halving period is coming.
“The pre-halving retrace (dark blue circle) will be the last buying opportunity in the pre-halving period”
The pre-halving period refers to the time before BTC’s halving, a pre-programmed event that occurs approximately every four years and halves BTC mining rewards. The next halving is expected in April this year.
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Generated image: Midjourney