30s Summary

Former fund manager Aksel Kibar warned Bitcoin enthusiasts about ignoring potential risks and overoptimism. He said Bitcoin would need to close above $73,700 monthly for a solid uptrend. Kibar is monitoring Bitcoin’s price chart closely. Meanwhile, Crypto_Lion stressed risk management amid increasing open interest in trading platforms. These are general insights and not financial advice.

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Popular analyst and former fund manager Aksel Kibar recently shared his thoughts on Bitcoin. He believes that Bitcoin needs a more powerful surge upward to confirm a lasting uptrend that will span over a few months. However, he warned Bitcoin enthusiasts about getting too excited about the price.

Kibar hinted that the resistance Bitcoin may encounter in October is not to be ignored. Bitcoin may be challenging its past highest prices, but it still has some convincing work to do, according to him.

He suggested that blind optimism is driving many traders to ignore potential risks. He stated that no matter what analysis someone has done before investing, the market doesn’t care about it. The best option is to stick to your own indicators to guide your steps.

In terms of long-term price movements, Kibar stated Bitcoin’s price must close above $73,700 on a monthly basis to secure a solid upward breakout. He’s waiting for this breakout, similar to how he waited on gold before it experienced a year-long uptrend.

He mentioned that although Bitcoin is pressuring its all-time high resistance, he would not definitively call himself bullish or bearish. Instead, he pays close attention to the price chart for potential advantages he can capitalize on.

Some experts are worried about the escalating open interest seen across the trading platforms. CryptoQuant contributor, Crypto_Lion, urges that risk management is key in these conditions.

Remember, this is not financial advice. Always do your research before making any trading decisions.

Source: Cointelegraph