Troy Gayeski a Co-Founder and Senior Portfolio Manager at SkyBridge recently told Bloomberg, that Bitcoin is preparing for “some supply shock”, similar to that which occurred in November.
Read: Apple Co-Founder, Steve Wozniak: “Bitcoin Is The Most Amazing Mathematical Miracle”
Gayeski claims that many strong holders are reasserting themselves based on BTC on-chain data. He adds that Bitcoin risk reward is now more upwardly biased.
He Said:
“The On-chain data is basically telling you that lot of strong holders are reasserting themselves and accumulating from those that got into the market last year, And BTC is setting itself up for some type of supply shock very to similar to what we had in last October-November And we think the Risk-Reward is skewed again to the upside.”
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SkyBridge Capital launched a Bitcoin fund at the close of 2020. Gayeski claims that the firm was forced to reduce its position due to falling prices and invested some of its capital into Ethereum.
Gayeski believes that bitcoin will continue to be the most valuable store of value.
The US Securities and Exchange Commission delayed a decision last week on a Bitcoin exchange-traded funds (ETF) filed in May by SkyBridge Capital.
Bitcoin is trading in the same range for many weeks, as bears and bulls continue their tug of war.
Read: A New Bill Submitted By Argentine Lawmaker Propose Bitcoin Salaries
According to Pete Humiston, Manager of kraken Intelligence, BTC Bollinger Bands that are used by traders to measure volatility have been the tightest since October 13.
It feels like volatility is in the air…#Bitcoin's Bollinger bands haven't been this tight since October 13, 2020. ?
History suggests ???. pic.twitter.com/6Djv5cbPcA
— Pete Humiston (@1337_pete) July 12, 2021
Tight range Bollinger Bands history suggest that high volatility is coming soon.
Watch Bloomberg Video:
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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