Scott Redler Says “It’s Time” For Another Bitcoin Rally
A seasoned professional trader named Scott Redler recently asserted in a tweet that another significant Bitcoin surge is poised to break out.
Scott Redler thinks the biggest crypto will eventually rise in value now
The biggest cryptocurrency in the world is currently trading at $19,330 after three straight days of gains. The leading cryptocurrency is currently down 5.64% from its peak of $20,469 on October 4.
The biggest cryptocurrency in the world just made a statement after trading in a relatively narrow range for several weeks. For the first time in two years, the volatility of Bitcoin last week fell below that of the S&P 500.
High volumes of derivatives, however, indicate that this is only the calm before the storm. Vetle Lunde, an analyst with Arcane Research, recently forecasted that Bitcoin was about to experience another “explosive” increase.
Since reaching an all-time high of $69,044 in November last year, the price of Bitcoin has decreased by 72.01%. Scott Redler forecast last month that the price of Bitcoin may fall to $10,000 if it managed to hold the $17,600 mark, which continues to be the 2022 low.
Bulls on Bitcoin have so far prevented Bitcoin from dropping below the critical threshold. The biggest cryptocurrency soared to $19,500 on Sunday just before the weekly close, giving bulls some semblance of hope.
However, Bitcoin continues to trade in a narrow range, so it is too early to discuss a bullish breakout.
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