There is a new Bitcoin accumulation opportunity around the corner. Check out the latest reports about this below.
BTC new accumulation opportunity
A trader who made a correct prediction about Bitcoin’s breakout earlier this year is considering buying Bitcoin (BTC) again.
In a recent video update, the trader, who goes by the name DonAlt, tells his 53,000 YouTube subscribers that Bitcoin is not looking strong.
DonAlt believes that the delay in the approval of spot-based Bitcoin exchange-traded funds (ETF) was something that traders were already expecting. However, BTC still dropped when the news broke.
DonAlt notes that the price action has not been good, despite the existence of good news and predictable bad news.
In DonAlt’s opinion, the predictability of the bad news, which was the delay of all the ETFs, was already known, so the sharp drop was somewhat surprising. DonAlt thinks that the market is still weak and has no strength.
At present, Bitcoin is facing difficulties in reviving its upward trend. DonAlt, an experienced trader, suggests that a significant downward movement in its value would make him consider investing in Bitcoin again.
He believes that if a sharp drop occurs this month, it would present a good buying opportunity. However, if the decline continues to be slow and gradual, he would refrain from investing.
Typically, a sudden drop in Bitcoin’s value results in overleveraged traders being forced to sell, which could lead to a rebound or continuation of the upward trend. As of now, the current value of Bitcoin is $25,746.
Bitcoin in the news
An advocate of Bitcoin, Anthony Pompliano, believes that the cryptocurrency may experience two types of shocks in the near future that could lead to a repeat of the 2020 bull market.
Pompliano predicts that regulators will eventually approve a Bitcoin exchange-traded fund that is based on spot prices. If this happens around the time of the next halving of Bitcoin, it could trigger a full-fledged bull market.
