Cryptocurrency trader Alex Krüger is certain that Bitcoin’s recent pullback doesn’t invalidate the bullish scenario. Meanwhile, his colleague Josh Rager reminds his followers that patience is the key to success.
Not so fast, bears
The BTC price trimmed more than $500 on the heels of Jerome Powell’s crypto-related comments. This sudden drop, coupled with a major descending tringle, certainly emboldened bears who now hope to get back to the $8,500 level.
However, Krüger points out that Bitcoin is still in the range, and the market sentiment hasn’t changed over the last month.
$BTC update.— Alex Krüger (@krugermacro) September 9, 2019
The recent 10900s rejection doesn't change outlook. Price still in the range and chopping widely. Nothing has changed in over a month. Directional edge right now is IMO about 50/50, yet in the event of a breakout the upside is considerably larger than the downside.
No retail FOMO
In a separate tweet, he also suggests that any comparisons between 2018 and 2019 are absurd. Retail investors, who pushed the BTC price to its current ATH in 2017, are yet to join the party during this bull run.
Chart is nothing alike 2018's.— Alex Krüger (@krugermacro) September 9, 2019
2018: peak retail driven, mass euphoria, widespread dumb media coverage (e.g. how to buy Ripple above $2?), price below MAs.
2019: peak not retail driven, no mass euphoria, increasing narrative of $BTC as safe haven asset, price at or above MAs.
“Next peak is a few years away”
Rager predicts that it will take a few more years for this bull market to peak without specifying when Bitcoin is going to reach a new ATH. Given that BTC’s market cycles are becoming longer, traders will have to be more patient.
Be patient with $BTC and the crypto market— Josh Rager 📈 (@Josh_Rager) September 9, 2019
Each Bitcoin market cycle took significantly longer than the previous
Each market bottom to peak-high in price wasn't as sharp
Next peak-high likely a few years away but good things come to those who wait pic.twitter.com/3ieCOeDG7r