Bitcoin (BTC) is Stuck in the Mud – Dave Portnoy

Quick take:

  • Dave Portnoy has urged crypto traders to get into the stock markets while it is still profitable to do so
  • He adds that Bitcoin is stuck in the mud as seen with BTC’s earlier drop to $11,100 levels
  • Portnoy advises crypto traders that they can always get back to crypto after he leads them in the stock market

Barstool Sports’ Dave Portnoy has appealed to crypto traders to start trading stocks. He explained that the stock market was where the action is. Mr. Portnoy made the request via twitter and added that Bitcoin (BTC) was currently stuck in the mud. Furthermore, he explained that he would lead crypto traders in the stock market and that they would all go back to crypto trading later when the environment was right.

Below is the tweet by Portnoy making the appeal to crypto traders.

I’m begging my #crypto friends to get involved in the stockmarket. #Bitcoin is stuck in the mud. Let me lead you. We will get back to crypto later. The time to strike is now! No time for weak hands! Make the move! pic.twitter.com/kjswWLDX8U

— Dave Portnoy (@stoolpresidente) September 2, 2020

Bitcoin Drops to $11,100 and Could Keep Falling

Mr. Portnoy made the statement after Bitcoin (BTC) dropped from $12,000 to local a bottom of $11,100 in less than 24 hours. At the time of writing, Bitcoin is currently struggling to maintain the $11,300 support level and trading at $11,380 – Binance rate.

Bitcoin’s current trajectory follows the familiar script of BTC being constantly rejected at $12k. Additionally, and in an earlier analysis, it was concluded that Bitcoin’s weekly chart points towards a move down to the $10k levels.

In addition to the charts being bearish, the team at Crypterium research believes that Bitcoin lacks the liquidity and fundamentals to keep moving up.

There is still no liquidity in the market, many traders and investors left the crypto industry after the Bitcoin halving and its sudden crash in March. Also at the moment, there are absolutely no fundamental reasons due, to which the growth of Bitcoin can be possible.

Conclusion

Summing it up, Dave Portnoy has made an appeal to crypto traders to join him in the stock markets. He cites that Bitcoin is currently stuck in the mud and stocks are where the action is.

Checking the charts, Bitcoin was once again rejected at $12k and fell back down to $11,100. An additional lack of liquidity and fundamentals could see BTC continue to fall to as low as $10,000.

As with all analyses of Bitcoin, traders and investors are advised to use adequate stop losses and low leverage when trading BTC.

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