Bitcoin surges past $65,000, with a prominent trader on The Moon Show warning investors this is just the start of a new rally phase. He urges converting excess assets into crypto for maximum exposure.<\/p>\n
The guest on The Moon Show puts it this way: with Bitcoin breaking the $65,000 mark, we are seeing the start of a very bullish period. He points to the 200-week moving average as proof; in past cycles, that has been a dependable sign of a bottom and a chance for good returns, so he sees the same potential for upside here.<\/p>\n
There is no mistaking his conviction. The trader has put his money where his mouth is by taking a position on Bybit which is up 70 percent already. To fund more purchases of Bitcoin and Ethereum, he has even sold a few cars, including a Ferrari. It is a bold financial move that speaks volumes about how much he believes in this rally.<\/p>\n
The trader is not one to be carried away by the buzz of Bitcoin\u2019s move above $65,000. He would have investors be wary of possible resistance at $66,000. Yet should that figure be surpassed, it may well spark a more substantial rally and draw in both institutional and retail money. In his view, the market still has plenty of momentum to spare.<\/p>\n
Then there is the matter of sentiment. A good number of investors are looking for a bottom in October, but he takes issue with that on The Moon Show. His point is that once a consensus builds up over the timing of something, the event has a way of happening at an inconvenient moment for most, either before or after. It is a contrarian take that underlines just how unpredictable these crypto markets can be.<\/p>\n
Bitcoin is not the only beneficiary of the prevailing bullish mood. The trader points to Ethereum as well, which is showing some solid technical signals; a double bottom has formed, for instance, and that pattern is usually a harbinger of a price rebound. In line with the view that the rally will extend beyond Bitcoin, he has taken positions in Ethereum and an assortment of altcoins on Bybit. Such a spread across major and alternative coins is a sign he foresees the momentum from Bitcoin carrying over to the rest of the sector, opening up prospects for those who are well positioned to take advantage.<\/p>\n
Source \u2014 The Moon Show: https:\/\/www.youtube.com\/watch?v=VfDfyaMT9H8<\/a><\/em><\/p>\n <\/p>\n