coinedition.com 1 h Reading time: ~2 m
On January 31 of 2023, American investor and Hedge Fund Manager Michael Burry took to Twitter with a cryptic tweet merely stating “sell”. Many were confused about what exactly he meant by this while other believe this has something to do with Bitcoin (BTC) and the crypto possibly crashing in 2023.
WHAT IF HE’S RIGHT? (WILL BITCOIN PRICE CRASH?)https://t.co/HcQbbFOOWP
— Dan Gambardello (@cryptorecruitr) February 9, 2023
Crypto YouTuber and analyst Dan GAmbardello referred to this very tweet in his newest video and explored what this could possibly mean to the crypto industry and BTC specifically.
According to Gambardello, he does not see this tweet as a bearish sign for the crypto market leader at all. The analyst stated that he is looking at the tweet through a macro minded lens and is waiting for the big picture to play out.
From a technical viewpoint, Gambardello brought up BTC’s weekly chart where the 50-week Moving Average (MA) is moving below the 200-week MA. He stated that many will see this as an extreme bearish indicator, but he believes this could signal that the worst is over for BTC.
Bitcoin / Tether US 1D (Source: TradingView)
According to CoinMarketCap. BTC is currently trading hands at $22,698.21 after a 2.19% drop in price over the last 24 hours. The crypto king is also in the red by more than 4% over the last week. BTC did, however, strengthen against Ethereum (ETH) by about 0.31% over the last day.
BTC’s 24 hour trading volume is currently in the green zone and stands at $29,469,711,918 after a more than 10% increase since yesterday.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.