According to Adrian Zdunczyk, Chartered Market Technician and founder of The Birb Nest, Bitcoin is in an undeniably bullish market. Adrian provided several reasons in a Twitter thread why he believes the Bitcoin market will continue its newly discovered uptrend.
If you think $BTC is in the bear market, I’ve got bad news for you. These 12 undeniable reasons will change your mind before you get rekt🧵👇
— Adrian Zduńczyk, CMT (@crypto_birb) April 23, 2023
When trading the financial markets, Adrian believes that relying on long-standing phenomena yields better results. As a result, he based his analysis on historical market behavior data.
Adrian noted that, with one exception in the previous 84 years, financial markets performed best in pre-election years. With this information, there is a 98.8% chance that the market will rise in 2023.
Adrian demonstrated how Bitcoin is in an uptrend and how traders should approach it using the John R. Hill and George Pruitt recommendations with a screenshot. They claimed that trend-following breakout systems were the best-performing strategies in such market conditions.
Adrian predicted that Bitcoin is in a dominant bull trend using the 200-day moving average, and traders should take this into account. He backed up his claim with a visual representation of the psychology of a Bitcoin cycle. He also stated that traders who are still shorting Bitcoin may be experiencing the cognitive dissonance of a reversal in the early stages.
The Birb Nest founder acknowledged that corrections in the Bitcoin market are unavoidable. He attributed them to market sentiments and the attitudes of traders. However, he encouraged traders who were motivated by regret bias to seize the buying opportunity for fear of missing out again.
Adrian preferred trading breakouts along the dominant trend to expected mean reversion strategies. He believes that the money is flowing in the market’s established direction. He advised against trading against the market trend, citing the risk of significant market losses.
Adrian identified the $26,500 to $27,000 Bitcoin price level as an area of interest for buyers in the current market situation. It is the most recent bull-dominated territory. He believes that the recency, regret, and representativeness biases can persuade traders to follow the heuristic ‘rule of thumb’ and buy support.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
