The Technical Analyst Known as “GOAT” Says the Expected Bullish Signal for Bitcoin May Have Arrived

Futures positioning in cryptocurrency markets is back in the spotlight.

But according to the new COT (Commitment of Traders) report, investors classified as “non-commercial” in Bitcoin futures (a group typically comprising speculative and professional funds) have experienced an impressive rate of transition to net long positions.

McClellan also argued that this group of investors has historically been known as “smart money,” remembering similar-scale increases in net long positions have led to strong price movements in Bitcoin over the years. Nevertheless, the analyst stressed that “the data we have now is not necessarily a buy signal by itself.” McClellan says ‘This is a “condition” and not – it’s . The structural change is seen in the process of market bottom formation, ” It means “a definitive turning point”, but it does not mean that there is no time for this.

buildmarket, spokesman CIO Matt Dines said that “special attention should be paid to the comments of experienced analysts who are responding to McClellan’s assessment. A key feature of the chart is that, in the previous big bear market cycle, non-commercial investors took long positions before the final bottom,” Dines said. This ‘necessary but not sufficient’ condition was met for long-term Bitcoin investors, he said.

Dines says that the most experienced long-position investors are now on high alert in the market, he said. But the Bitcoin price could drop further from current levels; a strong headline news story, macroeconomic or regulatory, would confirm that the bottom of this cycle was at any given time. This is considered to be the case of such a catalyst that would suggest an aggressive and rapid position in the market, which could be seen as one of the most effective examples.

*This is not investment advice.

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