Buy, Buy, Buy! Bitcoin’s Flashing 3rd Buy Signal
Strength in bitcoin means strength in the overall crypto market!
I couldn’t agree more! People are starting to put their money into riskier investments, including cryptocurrencies like bitcoin (BTC) and Ethereum (ETH).
But that’s not all!
Ian already shared two incredible buy signals for bitcoin with you, and now he’s revealing a third. It’s time for you to strike while the iron is hot.
See what he has to say in today’s Market Talk to find out what buy signals you need to watch to give you the best bitcoin or crypto buy opportunity:
Amber Lancaster: Hello Bold Profits Nation. Welcome to Market Talk Monday. Today, Ian Dyer — Senior Investment Analyst, editor of Crypto Flash Trader and two elite trading services is here to do a follow-up interview regarding his July 30, 2021, Bold Profits Daily article that I found very enlightening.
It was titled “2 Major Bitcoin Buy Signals.” Not only is he here to do a follow-up interview on that article, but he will also share a third major Bitcoin buy signal on today’s Market Talk. Hello, Ian. Thanks for joining me today.
Ian Dyer: Hey Amber. Thanks for having me.
Amber: It’s so good to see you as always. If you are new to this channel or a regular viewer, a special hello to you, of course you can follow us at BoldProfitsDaily.com.
You can subscribe there for our daily, free e-letter right to your email inbox.
What is open interest and how does it affect Bitcoin And Ethereum?
Let’s get started. Ian, I see that since your Bitcoin (BTC) buy signal article on July 30, BTC is up $7,604 or 19.4%, while Ethereum (ETH) is up $961 or 41.7% over the same timeframe.
As I said before, way to go. One of your buy signals is open interest in the option market, while selling pressure is dwindling for Grayscale Bitcoin Trust (GBTC). My first question to you today, for those who may not know, can you do an overview for us of what is open interest and why is it a great indicator for BTC and ETH price movements?
Ian: Open interest is really important when you are looking at sentiment. When people are buying futures or options, which are the two markets where open interest is measured, it can mean that there is really bullish sentiment.
In both of those cases — when you buy futures or options — it’s way more risky than buying the actual underlying BTC, ETH or any crypto, stock or anything. When we’re seeing open interest surge like it has, it’s definitely a bullish signal.
I don’t think I clarified exactly what open interest is. It’s the total amount of money that people are either long or short futures or calls and puts in the options market. It’s just the total amount of money that are being put into these riskier investments.
Amber: That’s good to know. Where open interest concerned, is open interest for ETH and BTC options still increasing as you mentioned in that article? Is it still surging? If so, what factors are attributed to that rise?
Ian: It is still surging. Between options and futures it’s up more than $10 billion since the bottom back on June 26. That was the bottom for BTC and ETH for open interest. That $10 billion is going into much more risky investments than the cryptos themselves.
I think that’s a very bullish sign. I expect it to keep going up. Most of that $10 billion has gone into these within the past couple of weeks. I think this is just the beginning. It looks to me like the same kind of setup we saw last October when this rally really started when BTC pushed above $10,000 and ETH was going up as well.
It looks like the same situation to me.
How Long Is Open Interest Going to Continue?
Amber: That’s good to know. We have something to compare it to historically. How long do you forecast the open interest surge to continue? Do you have a timeframe on it?
Ian: Roughly I think it’s going to be at least five or six more months of really bullish action in crypto. That’s not to say that’s going to be a long-term top or anything, but I think over the next few months and into 2022 is a good time to buy crypto in general.
I think we are going to see a lot more upside from here. BTC and ETH, I believe, are both going to break out to new all-time highs very soon. That’s also very bullish. I would say five to six months at least. That’s not to say it’s going to be a straight line up.
There’s going to be corrections. During that time, we can see things like open interest continue to go up. That’s going to be a reminder that it is a bullish time to buy, even during those corrections.
Amber: I’m glad you mentioned that it’s a good time to buy. I’m going to go into this after our interview. I’m going to share with folks the track record of what you’ve been doing and executing for your service thus far — the new Crypto Flash Trader service.
It really does prove that now is a great time to be in on the crypto market. It is indeed bullish. Also in the July 30 article you reported,
My question to you: Is selling pressure still diminishing for GBTC? If so, what is contributing to this decline?
Ian: Actually the selling pressure is continuing to decline. It’s a little slower than what I originally anticipated. The GBTC discount was around 20%. Now it’s back up to 9%-10%. GBTC is still a good buy because you are actually paying less than the BTC you are getting per share.
I think as BTC continues to go up, that discount is going to go away. Another factor to that is Grayscale has had their fund closed for a while because they are trying to transition to an ETF. Grayscale coming back will be a good catalyst for BTC. They are going to start buying again.
Grayscale Bought 1.2% Of Bitcoin!
Amber: That’s really good to know. We are going to mark that on our checklist for BTC bullish movement going forward. My last question today: Since your article was about two major BTC buy signals, I’d like you to share — exclusively — a third BTC buy signal on Market Talk.
Ian: The Grayscale situation ties into it because they are the biggest buyer of BTC out there for a single entity. In the second half of 2020 they actually bought more than 1.2% of the entire supply of BTC just during those six months. When they start buying again, that’s going to be a huge catalyst.
I think institutions are also expecting that. As we saw, BTC has gone from $30,000 to almost $50,000 in less than a month. I believe a lot of that is institutional demand. I think we are going to hear a lot of companies reporting they bought BTC this quarter during the next earnings season.
I think that’s something to look forward to. Institutional demand is a generic catalyst, but I think right now it’s something special going on. That’s my third buy signal.
Amber: Thank you, Ian, for sharing that buy signal here on Market Talk. We appreciate you stopping by.
Ian: Thanks again for having me.
Amber: You’re welcome. See you soon. Thank you again to Ian for joining us today and sharing his perspective. It’s always good to hear from Ian. He recently launched his Crypto Flash Trader service last month. Like I mentioned before, I checked out his track record as of this past Friday’s close just to see how it’s performing.
I thought I would share the results with you. I am happy to report that, so far, Ian has closed two trades. One with a gain of 60.1% in just 14 trading days and 27% in just 11 trading days. He has three open trades which are showing open gains ranging from 6.64% to 40.46%.
Congrats to Crypto Flash Trader members who are experiencing these gains.
Before I sign off for this week I would like to give a special shout out to wonderful Market Talk Monday Thanks for tuning in as always. That concludes this week’s Market Talk.
Everyone, have a great week ahead. Until next time, take care.
Amber Note: Ian and Paul are absolute pros at identifying these kinds of buy signals in crypto. They successfully nailed every MAJOR call in bitcoin.
And developed the ultimate strategy for trading crypto, concluding in 32 consecutive winning trades over the first five months of Ian’s beta test.
Paul and Ian are 100% confident the crypto market is about to begin its second phase of the bull market.
This market moves hard and fast, so there may be no time left to waste. If you haven’t seen it yet, our newest video contains the full story.
Including how Paul and Ian have been waiting patiently for this moment for the last four years.
Editor, Profits Unlimited
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