Bitcoin Price Good News: This Is The Time to Buy BTC, According To Crypto Strategist Lark Davis
In the latest video, popular crypto KOL Lark Davis updates with his 392K followers the recent news about Bitcoin (BTC) and analyses its buying signal.
According to the trader, Bitcoin price has been doing very well over the last few days and it is in the accumulation period:
“In the bear trend, when the price is over the 200 days moving average, it shows the bull is moving back in the market”.
However, the trader is cautious that the price can break out and continue to go downward. In addition, to get out of the bear trend, the BTC has to go beyond the 200-day moving average (MA) and closes at $43,000.
Lark Davis also mentions about Stock-to-flow model in which he believes according to the model, it is a great time to buy Bitcoin now.
“The negative deflection from the model is one of the highest it’s ever been”.
In the next part of the video, the trader shares the good news about Bitcoin, indicating strong bullish optimism.
First on the list is MicroStrategy announcement of selling up to $1B in stock after the massive purchase of BTC recently.
“The same day MicroStrategy announced it would use $488 million from the proceeds of a private offering sale to buy Bitcoin, the company said it may also sell up to $1 billion of its stock for the same reason”.
MicroStrategy is holding 92,079 Bitcoin, roughly $3.7 billion.
The crypto KOL then talks about the recent Bitcoin upgrades Taproot which opens up new possibilities for privacy, multisignature wallets, and security as well as scaling for the coin.
Lastly, at the end of the video, Lark Davis excitedly shares a piece of news about Tanzania’s adoption of cryptocurrency: “President Samia Suluhu Hassan said the Bank of Tanzania should “be ready for changes and not caught underprepared”.
The analyst also says that attention will be focused on other countries that spot an opportunity in crypto to boost economic development and stabilize financial instability.
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