Famous Trader Talks About a Major Bitcoin Signal Nobody Has Noticed Yet

Updated: 31 May 2023

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In a recent YouTube video, well-known trader and investor Alessio Rastani discussed an often overlooked but highly significant signal in the analysis of Bitcoin and cryptocurrencies. He emphasized the importance of paying attention to comments and social media discussions surrounding Bitcoin, as they can provide valuable insights into the sentiment and outlook of market participants.

Kiss of Death?

Alessio started by recounting a previous video where he questioned the possibility of a “Kiss of Death” signal on Bitcoin’s monthly chart in 2023. He stated that he was bullish on Bitcoin and believed a bearish signal was unlikely as long as Bitcoin remained above $20,000. However, the comments he received on that video contradicted her outlook, expressing pessimism and disagreement with her bullish analysis.

The trader argued that these comments hold special meaning and significance in understanding the current state of Bitcoin. He highlighted the importance of social media comments, especially those on YouTube, as a crucial sentiment indicator for Bitcoin and cryptocurrencies. He noted a specific pattern in the comments, reflecting a bearish sentiment and disbelief in the ongoing rally.

Episteme: Dominant Pattern of Thinking

To explain the significance of these comments, Alessio drew inspiration from the French philosopher Michel Foucault, who proposed the concept of “episteme.” According to Foucault, episteme refers to the dominant system of thoughts or mode of thinking prevailing in a specific period. For this, there are historical examples, such as the perception of madness evolving from being associated with demons to a medical issue.

Applying Foucault’s philosophy to Bitcoin and chart analysis, it can be seen that the prevailing mode of thinking or episteme changes based on the price action. During strong bull markets, the dominant sentiment is often over bullishness and a mechanistic mode of thinking driven by fundamentals. Conversely, during bear markets, the sentiment shifts to extreme bearishness and a focus on cyclicality rather than fundamentals.

The trader connected this philosophy to the comments he received, noting that they reflected a current episteme of negativity, pessimism, and belief in Bitcoin’s inability to sustain its rally. He considered these comments as contrary bullish signs, suggesting that they are typically observed at the beginning of a new bull market or the end of a bear market. He expressed her disagreement with this sentiment, maintaining her bullish outlook on Bitcoin.

The Potential for a Rally Higher

Alessio predicted that the prevailing episteme would likely shift in the next few months if Bitcoin continues to rally higher and anticipated a return to a mode of thinking driven by fundamentals, where comments would reflect over bullishness and disbelief in Bitcoin’s potential to go down. He considered these negative comments as a likely bullish factor, indicating a contrary sentiment that could precede a significant shift in market dynamics.

In conclusion, the trader emphasized the importance of paying attention to social media comments and the prevailing sentiment surrounding Bitcoin. He proposed that the current negative comments may indicate the beginning of a new bull market or the end of a bear market. While respecting differing opinions, he expressed his belief in a bullish future for Bitcoin and anticipated a shift in the prevailing episteme toward a mechanistic mode of thinking driven by fundamentals.

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