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While the global crypto market has tumbled down, a closely followed crypto analyst who is pseudonymously known as Light, is of the opinion that the wealthy investors are on the verge to double their long positions.
Time For Long Position
The crypto trader, Light, took to Twitter informing his 157,800 followers that as Bitcoin is trading around $3,000, the Bitcoin (BTC) risk-reward ratio is eye-catching.
He feels that believe it or not, if we have come this far, it doesn’t matter if Bitcoin bottoms or trades around $30k, there is a need for long positions.
The strategist, Light also shares his experience claiming that at Bitcoin’s current price action, the veteran traders are building their long position. According to the analyst, though the bearish trend often attracts capitulation, it’s important to find courage to add longs in the bearish market.
On the other hand, Light considers Bitfiniex exchange and states that long positions on the exchange are surging to all-time highs, as he believes that Bitfinex Whales are accumulating traders capitulation, like it happened in July 2021 and this occurred to limit the bid wall.
At the time of reporting, Bitcoin is trading at $31,368 with a fall by 1.81% over the last 24hrs Even the global cryptocurrency had slipped. Now the wider crypto market is trading around $1.45 trillion with an increase of 1.17%in the last 24hrs.