The trader believes that the bottom has passed for Bitcoin (BTC), based on data from CryptoQuant. This contradicts analysis from Bloomberg's Mike McGlone, which points to problems with the coin's liquidity. 📉
- The analysis is based on the relationship between public opinion and Bitcoin prices
- CryptoQuant uses Google Trends data and coins purchased in the last month
- Low public interest in Bitcoin indicates that the coin is far from its peaks
- Traders may want to gradually accumulate coins
However, Mike McGlone's analysis points to possible problems with Bitcoin liquidity in Q4 2023. Changes in global monetary policy and the risk of central banks raising interest rates could negatively impact Bitcoin and cryptocurrency.