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The analyst explained why he purchased Bitcoin at $ 8,500 - $ 8,600

    Now is a good time to buy Bitcoin (BTC)

    After a series of sharp price declines throughout the week, Bitcoin (BTC) seems to be rediscovering itself and attempting to establish support to prepare for the next step.

    Although many analysts think BTC is showing weakness, a well-known trader recently gave in-depth explanation of why he purchased assets between $ 8,500 and $ 8,600, where It has been continuously retesting for the past two days.

    The case for a Bitcoin Bullish reversal from $ 8,500

    Market commentator LightCrypto explained why he bought BTC when it fell to $ 8,500- $ 8,600, down nearly 20% from its recent high of $ 10,500.

    On Monday, I sounded like a fool, I wanted to clarify why I bought Bitcoin at $ 8,500 – $ 8,600, a drop of nearly 20% from the recent peak. While the short side is dominating to keep pushing prices down, it seems to be an opposing position to apply. "

    In a Twitter thread, he outlined his stance on Bitcoin and commented that the asset will increase surprisingly when gold has fallen off the moon, saying one correlation is that gold has dropped below. 1,600 USD after reaching the nailing is 1,700 USD.

    Gold fell, “a sign that the macro market is getting very dark,” but Bitcoin is effectively defended at $ 8,500, and this is a sign that the cryptocurrency still has a support from buyer.

    He said BTC needs to buy and writes:

    "Market watchers have also seen huge market uptake when millions of dollars were sold at potential support levels. This action shows the difficulty of pushing prices down, and is an indicator of potential price increases, what to do now is to be patient. "

    This somewhat optimistic technical picture is supported by the fundamentals of Bitcoin such as the upcoming halving in May 2020, the possibility of lowering interest rates of central banks in the world and the Financial stimulus packages of governments around the world will help Bitcoin increase more strongly.

    Optimistic signal

    Well-known analyst Nick Chong has found that every time VIX, CBOE's volatility index is derived from the S&P 500 option data, surpassing the 30 level in the past 5 years, that's when BTC has found it. Its macro low.

    A case in point, when VIX reached 30 in 2015, marked a macro bottom of $ 220 before the rally to $ 20,000. And more recently, VIX surpassed 30 in December 2018, just a week after Bitcoin found a bottom around $ 3,150.

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