⛔ Stop guessing ⛔ Use our free stock screener to find new opportunities fast Try Free Screener

Bitcoin (BTC): 'Most Profitable Strategy' When Crypto Market Goes Wild Named by Lark Davis

Published 2023-12-13, 10:44 a/m
© Reuters Bitcoin (BTC): 'Most Profitable Strategy' When Crypto Market Goes Wild Named by Lark Davis
BTC/USD
-

U.Today - Popular cryptocurrency blogger on YouTube and Bitcoin investor Lark Davis took to the X social media network to share his thoughts on the market with the community and share his take on what may be the best strategy to pick at the moment.

Here’s “best move” suggested by Davis

Davis tweeted that the cryptocurrency market is now “wild,” so “staying put can be smarter than any trade.” He explained that “in crypto, sometimes the best move is no move at all” and suggested that traders should have plenty of patience – it can be their “most profitable strategy.”

The commentators in the thread seem to have split into to camps – some showed solidarity with Davis, while the other half responded with ironic tweets, hinting that any person’s patience has limits.

This year, Davis reminded his army of followers, Bitcoin has demonstrated a 150% price surge, adding that “BRC-20 tokens are making massive gains.” The YouTuber hinted that this might be thanks to Bitcoin Ordinals, which are making a comeback.

31.4% of Bitcoin supply not moved for 5+ years

Data shared by popular on-chain data agency Glassnode shows that long-term holders continue to hold their Bitcoin in large amounts, locking it in cold wallets. Since holding remains the strategy that BTC investors prefer to use now, big chunks of the total Bitcoin supply remain dormant at the moment, Glassnode states.

A total of 70.1% of the Bitcoin supply has remained unmoved for more than one year; 57.4% of it has not been shifted for more than two years; 41.6% has stayed dormant for more than three years and, finally, 31.4% was last active more than five years ago, according to Glassnode’s fresh publication on X.

Bitcoin closes temporary bear trap

Earlier this week, Santiment data vendor stated in an X post that what Bitcoin is doing at the moment (dropping from the $44,000 throne and now about to ) looks like it is completing the bear trap pattern.

Santiment, apparently, expects that once bears sell enough Bitcoin, the flagship cryptocurrency will again reverse and resume moving in an uptrend.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.