Crypto News

Top Trader says whales are doubling down on long positions as crypto markets prepare for a reversal

A well-known crypto analyst says well-funded investors are doubling their long positions amid the recent market-wide price drop.
Pseudonymous trader Light tells his 157,800 Twitter followers that the risk/reward ratio of Bitcoin (BTC) looks attractive now that BTC is trading very close to $30,000.

“If you’ve gotten this far, you need to go long. It either bottoms here or at $30,000, but in three months it won’t matter. ‘If you don’t believe me or don’t understand, I don’t have time to convince you, I’m sorry.’”

The analyst also says experienced traders are building long positions at BTC’s current price.

“Might be tempting to capitulate to the siren song of bearish influencers after last week’s loss.

But take heart in the fact that every person I know who has made nine figures or more out of this space is contributing to the longs on this downtrend.”

Light says long positions on crypto exchange Bitfinex are rising to all-time highs.

“Bitfinex whales will buy back your capitulation soon like they did last July twap [time-weighted average price] in addition to limited bid walls.”
Top Trader says whales are doubling down on long positions as crypto markets prepare for a reversal, Crypto Trading NewsSource: Light/Twitter
Bitcoin is trading at $30,889 at the time of writing. that after market capitalization top-rated crypto asset is down more than 9% in the last 24 hours.
Check the price action

Source: Crypto News Deutsch

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