Bitcoin Presents Rare Opportunity with Strong Support Zones, Says Crypto Asset Manager Capriole Investments
Summary:
Bitcoin offers a rare chance for investors to buy at a support zone with a "100% long hit rate," according to crypto asset manager Capriole Investments. They advise monitoring for a potential BTC price dip to $24,000, highlighting the historical significance of Bitcoin's weekly support zone at $24,000 and its "Electrical Price" (EP) around $23,000. Capriole's founder expresses confidence in $23,000 as solid support, while analysis suggests similarities to BTC price behavior in 2019. This article does not provide investment advice.
Crypto asset manager Capriole Investments suggests that Bitcoin (BTC) presents a unique opportunity for investors to buy at a support zone with a "100% long hit rate." According to Capriole, investors should keep an eye out for a potential BTC price dip to $24,000. While Bitcoin's price hovers around $26,000, many market participants anticipate further downside, with $25,000 being a popular target. However, Capriole is more interested in Bitcoin's weekly support zone at $24,000 and its "Electrical Price" (EP), which currently stands at just over $23,000. The EP has historically acted as a strong support level, making it a promising opportunity if BTC reaches $23-24K. Capriole founder Charles Edwards expresses confidence in $23,000 as a "rock solid support" and highlights the EP as his favorite long-term Bitcoin metric. Additionally, analysis of miners' financial buoyancy suggests similarities in BTC price behavior from 2019, potentially laying the groundwork for the next bull run. Nonetheless, this article does not provide investment advice, and investors are encouraged to conduct their own research.
Published At
8/29/2023 1:46:57 PM
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