Last Updated: 5 September 2022
Game of Trades is a popular analyst on Twitter who has rapidly built up a following of over 40,000 people. According to the analyst, the current price of bitcoin, which is hovering around USD 20,000, has reached a special point that may make it interesting to buy into.
Rare buying opportunity spotted
“Rare buying opportunity for bitcoin spotted,” Game of Trades begins its story on Twitter. “The bitcoin price is hovering above the low band of the Bitcoin Price Temperature, which represents the 4-year moving average.
RARE opportunity in #Bitcoin spotted.
Bitcoin price is hovering right around the lower band of the Bitcoin Price Temperature, which is the 4-year moving average. pic.twitter.com/PwIRfiMJrV
— Game of Trades (@GameofTrades_) September 3, 2022
The Game of Trades chart shows that from this point, bitcoin almost always started a new rise. Unfortunately, past results are no guarantee for the future, as there are more factors that play a role in the course of bitcoin’s price. However, this does not take away from the fact that it is a positive signal.
In the end, this blue trend line has often proven to be a strong support for bitcoin and even a springboard to higher prices. At the moment, macroeconomic conditions seem to be taking a hit, but this could change in the coming months.
Not everyone is positive
Not everyone shares Game of Trades’ positive vision. In fact, according to analyst Kevin Svenson, the chart currently looks very negative for the bitcoin price, at least in the short term. “It currently looks like we will continue the bear market unless we manage to jump above this trend line,” Svenson said.
As of right now it just looks like continuation unless we were to bounce back above the trendline.#Bitcoin pic.twitter.com/LhcQVNLAhz
— Kevin Svenson (@KevinSvenson_) September 3, 2022
Svenson may well be right, but on the other hand, he bases this trend line on two solid bounces and one more questionable bounce near the breakdown. In the end, technical analysis is just drawing lines in a chart, and bitcoin is obviously more than technical analysis.
