TL; DR Breakdown
- CEO Barry Silbert wants people to start stacking up Sats
- Summer will be a good period for Bitcoin
- The BTC market has experienced low volume trading
A popular crypto bigshot thinks the crypto market has entered the Bitcoin season and the time to accumulate is right now. Barry Silbert is the founder and CEO of Digital Currency Group (DCG), a top-tier conglomerate that owns five other crypto-focused subsidiaries including Grayscale Investments.
Grayscale is one of the largest crypto investment firms in the world, and it has been a major leader in crypto accumulation. The firm manages Bitcoin investments worth upwards of $32 billion. It also holds tens of billions of dollars worth of other cryptocurrencies.
Bitcoin market according to Barry
In a recent move to share his thoughts with the crypto community, Barry took to Twitter to intimate that the best time to start accumulating Bitcoin is when there’s a boring sentiment in the trading arena and when the prices are going a bit sideways. Granted, Bitcoin hasn’t been exactly stagnant of late. The coin’s price has been swinging between upper $39k and $42k.
However, it appears that Bitcoin trading amounts haven’t been very impressive. According to Barry Silbert, such low-volume trading periods are a great sign of a viable buying period. To put this into perspective, low volume trading means that a lot of people as well as the whales are hodling their stash in wait for a potential price breakout. If history is anything to go by, this scenario almost always ends up in a bull run.
“It’s going to be a big summer”
Barry didn’t stop there. The popular CEO went on to intimate that the coming summer is going to be huge for Bitcoin. Although he didn’t explain how exactly, it can be understood to mean that BTC is headed for a major market shift that could spur a bull run.
At the moment, Bitcoin’s price stands at around $41,680 and posting a 24-hour price increase of 0.74% and a 7-day gain of 0.81%. If things go right as Barry says, these percentages could soon change for the better. However, it’s worth noting that the crypto market is a dynamic space that doesn’t follow a fixed path. Anything can happen at any given time. We can only wait to see.