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Trader Warns: “Be Scared” Going To Bed Without Spot Bitcoin Exposure

Bitcoin 2020/10/16 22:00 by Tony Spilotro

Bitcoin’s bull run could very well be here, but with the pandemic and the coming election, there’s so much risk in the air. However, one crypto trader says that they’d be more “scared” going to sleep at night without holding spot BTC at this point, than not.

Here’s why the crypto trader claims that it’s a far more frightening nightmare to watch the bull market take off without you than risking a little downside.

Investor Nightmare: “Be Scared” To Sleep On The Next Bitcoin Bull Run

The run-up in 2017 in Bitcoin and other top cryptocurrencies, was the stuff dreams were made of, and fortunes followed.

Any time after that, it has been a nightmare owning these same assets, and riding the rollercoaster of a bear market has left investors losing many hours of sound sleep.

bitcoin btcusd sleep night

Very Little Price Action Above 2019 High | Source: BTCUSD on TradingView.com

Nights like Black Thursday were enough to leave even the strongest holders lying awake at night, counting their sats and considering dumping them all.

Related Reading | Analyst: Sidelined Capital Enough To Push Bitcoin To $1 Trillion Market Cap

But nowadays, one crypto trader claims that they’d be far more “scared” to be without spot BTC right now, than not. The reason they point to is that there is very little price action and history above the current levels, and even less above the cryptocurrency’s 2019 peak.

Only Forty Days And Forty Nights Has The Crypto Traded Above The 2019 High

Because of the importance of $10,000, you might have heard stats thrown around about how Bitcoin has now remained above the key level for the longest stretch yet.

However, it won’t take very much time at all to beat the time record spent above other crucial price points.

For example, $11,500 is acting as strong resistance currently – a zone that Bitcoin has now collectively spent 100 days above between three separate visits.

bitcoin btcusd sleep night btc

Only Forty Days Of Price Action Exists Above 2019 High | Source: BTCUSD on TradingView.com

Bitcoin has to take out the 2019 high to set a higher high, and that could happen soon. After that, there’s not much price history at all, as the trader claims.

Related Reading | Crypto Calculated: How Ancient Math Predicts Bitcoin’s Next Top At $270K

Above the 2019 high of $13,800, the cryptocurrency has only spent a full forty days or so. There is one other critical level according to on-chain data that could act as a pit stop for Bitcoin’s bull run, which the crypto asset has now only spent a total of 10 days above.

Beyond that, are skies unknown, a return to price discovery, and a full-blown bull market for Bitcoin. Can you sleep at night knowing that is coming, and you could miss it?

Featured image from Deposit Photos, Charts from TradingView.com

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