Is The Bitcoin Bottom In? – Crypto Market Bounces Back As Elon Musk Reveals His Crypto Portfolio
Popular trader Lark Davis shares with his 407K subscribers the latest Bitcoin price analysis and outlines the potential path ahead with warnings for a beginning of a so-called crypto winter.
“You don’t need to perfectly buy the bottom or perfectly sell the top. Almost no one does. The real money in markets is made in between. Cost average in, buys dips, ladder out on pumps and create passive income with profits and you will crush this market!”
According to the trader, analysts and experts remain divided over which way the market is heading from here. A market-wide crash throughout May and June is being labeled by some as a blip within a long-term bull market, but others fear it could be the beginning of a “crypto winter”.
Regardless of all the sentiments, large holders of bitcoin have been stocking up on bitcoin during the recent price dip, according to data from market intelligence firm Glassnode.
“Nearly 100,000 bitcoins have been added to the wallets of so-called whales, suggesting they are stocking up while the price remains relatively low compared to the all-time high seen earlier this year,”
Davis points out it may also hint that whales – whose large holdings mean they have the greatest potential to move the market in a significant direction – could be feeling bullish on bitcoin.
Moreover, the price of bitcoin continues to trade above $32,000 on Thursday morning, consolidating the gains it made yesterday. The cryptocurrency has remained relatively stable since its bounce back from sub $30k, boosted by Musk’s comments from yesterday.
“So considering SpaceX has bitcoin on their balance sheet does this mean that they will be taking Bitcoin to the moon?”
Importantly, the crypto KOL points out that the manipulators are getting ready to flip the bull switch:
“Last week, yes just last fricking week, Goldman Sachs said that crypto is not a viable investment. This week the ultra-rich are turning to crypto and 45% of family offices are keen to get in.”
However, while Davis maintains his bullish stance on Bitcoin, he cautions that if BTC finishes the week under $30,000, things could go sideways for a short period of time.