- Crypto traders switch sides as biggest fear lies in missing out.
- This is currently beating out the fear of a greater market crash.
- The price of BTC could surprise the masses with a sudden surge.
The crypto community continues to watch the price of Bitcoin (BTC) trade between the $63,000 – $65,000 price range, just as the price of Ethereum (ETH) continues to trade between the $1,800 – $1,900 price range. At the moment, one reputed crypto analyst declares that a switch is underway. He says crypto trades switch sides as biggest fear lies in missing out over a fear of a greater market crash.
Crypto Traders Switch Sides as Biggest Fear Lies in Missing Out
The reputed crypto trader and analyst, Doctor Profit, known for his many accurate silver-tongued predictions so far shares his latest market report. All of his recent reports have showcased his change of view on the price of BTC bottoming in the $40,000 price range and has now shifted to the expectation that the price of Bitcoin will dip only as low as the $54,000 price range.
As we can see from the post above, he mentions that this week is very important. He says that Bitcoin is right now trading at the 65,200 area, and the area of 65,400 is a very interesting one, and it’s just $200 away from the current levels, because it is a significant resistance zone where a lot of selling happened in the recent weeks. In case BTC can break out, it means a very strong resistance in this bear market was broken.
The next two key resistance zones lie at the $77,000 – $78,000 price range and at $83,000. So, if BTC breaks out above 65,400 and can see several weekly closes above, the doors for the next resistance region will be open. He says that despite the price of BTC making its moves, he has already decided to buy BTC heavily as it trades between the $54,000 – $64,000 price range and believes he is already well-positioned.
Fear of Another Market Crash Falls
He also highlights how fear has switched sides, where the biggest fear right now is on the side of stablecoin holders, meaning the fear of missing out is greater than the fear of a new big crash. The more people realize that, the faster and more aggressive the accumulation phase will be, and the higher crypto prices can continue to rise. Thus, he concludes that one side is fighting for a few percent of a better entry while the other side is positioned for the entire next cycle.
The post concludes with weekly events to watch that could influence market movements. These include CPI inflation on August 12, marking the first major inflation print since Warsh’s hawkish FOMC and the weak jobs report. With the market pricing hike risk instead of cuts, any upside surprise in CPI pressures the markets. This is followed by PPI on Thursday August 13.
