The cryptocurrency market has been bearish for a while now. Tokens like Bitcoin and Ethereum have been struggling to have an overall upwards trend. Scott Redler, an experienced professional trader has recently tweeted saying that a significant Bitcoin rally is about to ensue.
However, the tweet was not taken kindly by the cryptocurrency community. The top tweets replying to Redler’s claims about Bitcoin prices surging were criticizing him for it. One claims that Bitcoin prices will not surge before entering the QE (Quantitative Ease) cycle. This cycle is used by financial institutions to keep interest rates down and increase fund supplies, especially for businesses and consumers.
A user calls Redler’s tweet a scam, while another mentions that Bitcoin prices are about to break out into a largely downward trend, contrary to the tweet they replied to.
Bitcoin has been around the $19,330 price mark consecutively for the past few days. The token has fallen by 5.64% from a peak of $20,469 on October 4th. Bitcoin has been struggling to break out from a tight range for the past weeks.
$BTC trying to Ignite a bit. It’s time.
— Scott Redler (@RedDogT3) October 23, 2022
Another crypto analyst that had called the Bitcoin crash, Capo has also claimed that the charts and market trends indicate an upcoming price surge for Bitcoin. There are extremely high derivatives volume was observed in the market which is evidence supporting Redler’s claims.
Bitcoin’s all-time peak was at $69,044 last November. The price has had a massive drop of 72.01% since then.
Last month, when Bitcoin had reached the $17,600 level (the 2022 low), Redler claimed that the token could drop even lower to $10,000. Bitcoin bulls have managed to keep the coin price above this mark.
Despite the tight-range Bitcoin has been moving around, the community is trying to grasp any sign of a significant bull. On Sunday, Bitcoin prices had gone up to $19,500 which has only encouraged bulls to be hopeful for a breakout.
