$100K Bitcoin This Year: Here’s Why Analyst Tyler Swope Remains Bullish
Top Trader Tyler Swope from the widely-followed crypto channel Chico Crypto shares with his subscribers reasons for his optimism on Bitcoin reaching $100k this year while the market is crashing to $28,000.
According to the analyst, the market is in a fearful time. The crypto Fear & Greed index is in the ‘Extreme fear’ rate.
The analyst then cites a famous quote of Warren Buffet: “Be fearful when others are greedy, and greedy when others are fearful!”. He believes that the current situation is a big buy zone:
“And some whales are doing just that! Accumulating at these lows, while the retail markets look like Deer in headlights!”
For example, yesterday, a whale transferred 1,395 BTC from Coinbase to an unknown wallet: “The millionaires, those with massive amounts of capital are buying the dip and buying into the fear.”
Moreover, according to “Ecoinometrics – On-chain trends” report, retailers with less than 1 BTC accumulated from January all the way up to the big correction, and then they started selling in the downtrend. Meanwhile, medium fish 1 to 100 BTC started decreasing their holdings since the mid 20ks. And then the “big fish” of 100 to 1000 BTC increased their stacks from the move 30k to 60k, but not much selling in the downtrend back to 30k.
“So it is possible that some whales felt it was too much too fast and that triggered some selling pressure which led to the topping process at $64k. When FUD was added to the situation the small fish also stopped accumulating resulting in the -55% correction we are in right now”,
Hence, he believes that iff that interpretation is correct, then what we had with this correction is a reset. Would that trend continue there is only one direction Bitcoin can go and that’s up to $100k.
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