As a seasoned crypto investor with over a decade of experience navigating the rollercoaster ride that is the cryptocurrency market, I find myself in a cautiously optimistic position regarding Bitcoin (BTC). Aksel Kibar’s analysis resonates with my own approach to trading: we must read the price chart and not let our emotions or overly bullish sentiment cloud our judgment.
According to a well-known analyst, for Bitcoin (BTC) to establish a prolonged upward trend over several months, it requires a more forceful surge ahead.
On October 29th, former fund manager and current trader Aksel Kibar issued a warning about overly optimistic Bitcoin price expectations in his most recent content.
Kibar: BTC price resistance looms for October
Bitcoin may be attacking resistance near all-time highs, but for some, BTC/USD still has some convincing to do.
Market strength is already making traders blind to risk, Kibar suggests.
He contended that everyone seems overly eager to impose their views based on their analyses, as evidenced by the monthly chart he shared.
“Markets do not care about our analysis or position. You step to the line and take what generates a signal for you.”
Examining extended market trends, Kibar stated that for a trustworthy Bitcoin price surge, the monthly candles should close above $73,700.
He predicted that we should expect a significant increase in price, similar to what happened with Gold this year, which will likely initiate a prolonged upward trend from our current positions. This is based on his previous experience with Gold.
“October is possibly closing at the horizontal resistance. Let’s see what November brings in terms of candle size.”
Earlier mentioned analysis from September characterized the BTC/USD rate approaching its record high resistance as “extremely optimistic.
He stated, “I’m not referring to a type of animal here. Instead, I’m examining the price graph to find potential benefits from market movements.
“I can say this with confidence, any (knee-jerk) resistance I get in a post to a bullish setup is because that person missed the pullback and hoping for lower levels to get on board.”
Bitcoin open interest sparks mixed emotions
Some analysts have voiced worries about the increasing number of open positions being opened across various trading platforms.
In one of its Quicktake blog posts, Crypto_Lion, a contributor from the onchain analytics platform CryptoQuant, suggested that risk management should be comprehensive.
At the point of this writing, CryptoQuant’s data indicated an Open Interest (OI) value around $22.7 billion. In response to this, fellow contributor Axel Adler Jr. mentioned that about half of this figure might be in the possession of investors who are bearish (bearish investors expect prices to fall).
“There’s no need to hesitate in liquidating them to drive the price up,” he summarized.
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2024-10-29 13:42