|

Why a Bitcoin Bear Is About to Turn Bullish

In my forecasts over the last year, I’ve treated bitcoin with skepticism and disdain, to put it mildly. (Check out the $BRTI tout at the bottom of the Rick’s Picks home page to see how I’ve scorned not just cryptocurrencies, but those who have loudly hyped them for personal gain.) My strong doubts will have spared subscribers who have been habitually bullish on block-chain currencies a world of pain. However, recent developments are threatening to turn me bullish despite my deep distrust of ‘money’ that any Tom, Dick or Harry could start ginning up tomorrow. Be that as it may, bitcoin has taken a steep dive this week after falling off a ledge thousands of dollars above the very bearish target subscribers have held in mind since January. If it hits that target, which lies at 4396 (basis the CME’s real-time bitcoin index, symbol $BRTI), even I would be a buyer. And although I don’t expect a trampoline bounce from my number, I am confident it will offer a relatively safe and precise spot for bulls to starting accumulating a stake.

chart

Author

Rick Ackerman

Rick Ackerman

Rick’s Picks

Barron’s once labeled Rick Ackerman an “intrepid trader” in a headline that alluded to his key role in solving a notorious pill-tampering case.

More from Rick Ackerman
Share:

Editor's Picks

Ripple defends 50-day EMA as Standard Chartered launches RLUSD custody

Ripple is coming under intense selling pressure, trading around $1.40 on Monday. The remittance token appears to lack the required tailwind to sustain its recovery, while broader crypto market headwinds weigh on price action.

NEAR Protocol rally stalls below $6 amid firm ETF inflows

NEAR Protocol is down 3% at press time on Monday, ticking lower after rallying 30% over the last three days as buying pressure eases. The recovery aligns with Bitwise’s NEAR-focused ETF recording its second weekly inflow of over $13 million last week.

Bitcoin struggles as ETF outflows, geopolitical uncertainty weigh

Bitcoin steadies around $83,600 at the time of writing on Monday, after a 3.1% decline last week. Institutional demand shows weakening signs, with spot ETFs recording $681.10 million in net outflows last week, ending a three-week streak of inflows.

Crypto Today: Bitcoin, Ethereum and XRP face recovery headwinds as ETF outflows weigh

Cryptocurrency prices are broadly consolidating on Monday, with select tokens such as Ethereum slowly edging higher above $2,500. Bitcoin holds above $84,000 as bulls battle seller congestion, while Ripple consolidates around $1.40.

Bitcoin: Uptober or Rektober?
Bitcoin (BTC) price is down over 4% so far this week, trading below $83,000 at the time of writing on Friday as mounting selling pressure threatens to derail the seasonal “Uptober” rally. Profit-taking, a surge in long liquidations and weakening demand from institutional investors are weighing on BTC.