Is Bitcoin finally on the verge of a much-awaited comeback? Scott Redler thinks another rally is about to ignite
In a recent tweet, Scott Redler, a veteran professional trader, claims that another significant Bitcoin rally is about to ignite.
Redler believes that it is finally time for the largest cryptocurrency to surge higher.
At press time, the world’s largest cryptocurrency is trading at $19,330 after three consecutive days in the green.
The top cryptocurrency is currently down 5.64% from its Oct. 4 peak of $20,469.
Redler’s most recent comment comes after the world’s largest cryptocurrency spent several weeks trading within a very tight range.
As reported by U.Today, Bitcoin’s volatility dropped below that of the S&P 500 last week for the first time in two years.
At the same time, extremely high derivatives volumes suggest that this is only a calm before the storm. Arcane Research analyst Vetle Lunde recently predicted that Bitcoin was on the cusp of another “explosive” rally.
The Bitcoin price is down 72.01% from its all-time peak of $69,044 which was reached last November.
Last month, Redler predicted that the price of Bitcoin could plunge to $10,000 if it were to hold the $17,600 level, which remains the 2022 low.
However, Bitcoin bulls so far managed to keep Bitcoin from plunging below the pivotal level.
On Sunday, the largest cryptocurrency spiked to the $19,500 level right ahead of the weekly close, giving bulls a glimmer of hope. However, Bitcoin remains persistently range-bound, which is why it’s too premature to talk about a bullish breakout.