- Many top traders on Twitter do not expect a Santa Claus rally this year.
- A quant analyst with a small following is ignoring bearish calls.
- The trader boldly claims that the top cryptocurrency offers a rare and superb buying opportunity.
The top analysts on Crypto Twitter (CT) are seeing a bloody Christmas for bitcoin. Many widely-followed accounts are predicting a price drop to between $6,000 and $5,000. If they’re right, then bitcoin is headed for another 30% plunge after already retracing by nearly 50% from this year’s high of $13,880.
These traders have amassed huge followings because they present scenarios that are likely to play out. But they don’t always get it right. It’s worthwhile to find gems or exceptional analysts who have a few hundred followers. They don’t get a lot of attention because some of them present contrarian ideas. One of them is Riggs; the quant analyst boldly claims that the recent bitcoin dip is a gift to bitcoin holders.
Riggs: Bitcoin Is in ‘One of the Top 3 Greatest Buying Opportunities in Investment History’
“What a time,” that’s how Riggs ended his tweet about bitcoin that has garnered close to 900 likes. Those concluding words indicate the analyst’s level of confidence. According to Riggs, the number one cryptocurrency is at a price level that looks extremely attractive. The trader emphasized that there were only two other instances in bitcoin’s history that offered the same buying opportunity.
To drive his claim, the trader points to the beginning of the 2013 and 2017 bull markets. In both periods, bitcoin had just risen from a crippling bear market.
The surge in price was then followed by a significant pullback. The three arrows on the chart point to the instances when the price touched the green indicator. Those moments appear to mark the end of the…