A well-known trader, who gained prominence for predicting Bitcoin’s 2018 bear market, has indicated that a certain meme-based cryptocurrency is showing signs of a bullish trend. This seasoned investor states that there are strong indications that this playful digital currency could be primed for a significant upturn, stirring renewed interest among potential investors.
The trader, known as Bluntz, has shared these insights with his 242,000-strong online community. He points out a decisive bullish reversal signal in the weekly chart. Origially, Bluntz had reservations about this cryptocurrency’s growth potential. Yet, a clear weekly bull divergence changed his perspective, suggesting an increasing momentum of bullish forces. He shared this information at a time when the value of the digital asset was only 0.0000023 BTC or $0.14.
Moreover, Bluntz has been closely tracking the native asset of Filecoin, a decentralized storage network. He opines that its token, FIL, is still in its initial phase, trading within its historical accumulation bracket. He positively noted the recent increases in FIL’s value, attributing its growing appeal to the weekly candle. At the time he made these comments, FIL was valued at $9.05, a over 9% increase from the previous week.
However, despite FIL’s price uptick, Bluntz asserts that the token is still in a significant accumulation phase, hinting at further growth potential. He believes that FIL remains undervalued in the broader market. This viewpoint suggests there is potentially positive momentum to come for FIL’s value, even as it currently trades at $9.05.
The trader importantly underscores that his information should not form the sole basis for investment decisions. He encourages those interested in Bitcoin or other cryptocurrencies to approach with caution and be ready to take on the risk of potential losses. He emphasises on thorough research, consultation with financial advisors, and awareness of the digital market’s volatility. Fundamentally, he suggests investing only what one can afford to lose, given the unpredictable nature of market trends in cryptocurrencies.
