Bitcoin has been seeing various corrections so far, and now an important analyst says that the Bitcoin bottom is already in.
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $33,251.50.
It’s been just revealed that the prominent crypto strategist who gained his popularity after nailing Bitcoin’s collapse to $4,000 in March 2020 is back with another bold call.
New Bitcoin prediction
On Twitter, the analyst known in the industry as Capo looks at a number of technical indicators to show why he believes that the correction in the broader crypto market is over.
On social media, he made sure to explain that the sharp decline in BTC’s open interest, which refers to the number of contracts held by market participants, is a bullish signal.
“Open interest went down with the price. This means that longs have been liquidated or that they have closed their positions, which is healthy for the bullish trend.”
He also posted this message:
4. Fear & greed index have dropped to 40 (fear). We haven’t seen these levels since May or September, when price was $9k-$10k. pic.twitter.com/mfvhBGmT1T
— il Capo Of Crypto (@CryptoCapo_) January 22, 2021
We suggest that you check out the complete thread that Capo shared on Twitter to see all of his arguments.
Bitcoin has a huge addressable market
In other recent news, it’s been revealed just the other day that popular investor and co-founder of Miller Value Partners, Bill Miller said that owning a portfolio without Bitcoin is a big mistake.
During his Q4 2020 letter on income strategy, Miller managed to showcase Bitcoin’s benefits to his readers.
“Bitcoin has been the best performing asset over eight of the past ten calendar years, and its annualized performance has blown away the next-best performer, the Nasdaq, by a factor of ten over the past decade. Not owning any Bitcoin has been a massive mistake, and we expect that will continue to be true,” he said.