Veteran trader Scott Redler, the long-awaited bitcoin rallyannounced that it was close to the start of. Here is the exciting prediction of the trader.
Comments on his Twitter account explaining Redler announced that the time has come for the long-awaited rally. At the time of writing, Bitcoin was trading around $19,300. While the price has held its value for the past week, it has seen a slight increase in the last 24 hours.
Recording its local summit on October 4 bitcoinreached $20,469, and is currently about 5.6% away from that level.
Redler’s final comment came after the Bitcoin price had been trading in a fairly narrow range for several weeks.
Lowest in Two Years
Koinfinans.com As we reported earlier, Bitcoin price volatility has dropped to its lowest level in the last two years. By comparison, it has less volatility than the S&P 500.
The high trading volume in the Bitcoin derivatives market represents the calm before the storm. Arcane Research analyst Vetle Lunde also announced that there may be a big price increase in the near future.
Bitcoin peaked at $69,044 in November last year. It is now 72% away from that level.
Redler announced last month that if the fundamental support at $ 17,600 is not held, the price of Bitcoin will fall to $ 10,000. The bulls managed to defend this level and saw a glimmer of hope. A similar view took place over the weekend. The bulls managed to make a move towards $19,500 and also saw improvement in the short-term outlook.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.