A widely followed crypto guru says Bitcoin (BTC) investors can never be sure about market bottoms, though they can read the signs.
Pseudonymous crypto trader Rekt Capital encourages his 328,500 Twitter followers to trust their instincts and data on BTC.
“As BTC investors, we will never have enough data to trust where the absolute bottom will be.
That’s why we must take the risk of trusting in our experience, intuition, investing thesis & have the courage to take a decision that will change our lives in the future”
The analyst suggests that BTC investors buying in the bear market will always come out ahead.
“People who bought BTC a little too early in the Bear Market (eg at $35,000) will outperform people who watched when BTC was at $20,000 but didn’t do anything about it.”
Rekt then points to historic bear market cycles, hinting that a new all-time high is simply a matter of time.
“In every cycle, BTC has made a new All-Time High
Current All-Time High is ~$65,000
Current price is $20,000
The math is simple if you’re planning to participate in the next Bull Market.”
Rekt then defines for his followers which type of investors are buying into BTC now.
“Bargain buyers & long-term holders are buying BTC now
In fact, they’ve been buying for months
Given their dollar-cost-averaging strategies, they may currently be in loss
But they understand that temporary loss is far outweighed by future outsized reward.”
Rekt also addresses Ethereum (ETH) investors who may be disappointed by the smart contract platform’s drop in price after the successful merge upgrade, suggesting ETH needs time to turn bullish.
“The investor who is disappointed with ETH price action post-merge is likely the same investor who’d be disappointed with BTC immediately post Halving
BTC only begins to rally strongly months post Halving
Such catalysts have delayed, more long-term effects on price…
The bullish effects of the ETH Merge will emerge over the long-run.”
ETH is down about 6% since yesterday’s upgrade.
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Featured Image: Shutterstock/Ivan Popovych