In the last few days, Bitcoin and the entire crypto market were dealt with by an intense level of volatility, sending BTC and most altcoins to one of their lowest level for the year 2020. But many see this as another great opportunity to buy as they remain steadfast on Bitcoin’s growth in the year.
However, as BTC and altcoins approach key support levels, a popular derivative crypto trader in the ecosystem has described the present state of the leading crypto asset as one which could bring in more adoption into the ecosystem.
Trader Tyler D Coates claimed Bitcoin is testing the adoption curve trendline. Tyler said this is happening to Bitcoin for the seventh time since 2013.
The derivative trader thinks the downtrend will bode well for Bitcoin in the long run even though it is quite devasting at the moment.
Trader Tyler believes that if Bitcoin gets more adoption at this time, BTC would have no choice than to rise in value sooner or later.
— Tyler D. Coates (@Sawcruhteez) March 9, 2020
Earlier, a trader had averred that the nosedive will eventually open way for institutional adoption of Bitcoin and cryptocurrency at large.
Everything Going as Planned, BTC May Ignite Massive Upward Rally of it Bounces Back
A renowned crypto analyst on Twitter, Crypto Bullet, is also of the opinion that Bitcoin may get a bullish rally from this point. He clarified that the present state of Bitcoin and the ecosystem signal an approach to a key macro trendline that may spark a bullish upward rally if history restates.
He similarly reiterated that now would a great buying opportunity for investors and traders in the market only if Bitcoin manages to stay above the present trendline.
“BTC 1M log scale update. Let’s once again take a look at our beloved log scale chart. As long we are closing the monthly above the trend line this is just another great buying opportunity. Zoom out and look at the big picture,” Crypto Bullet explained.