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The Technical Analyst Known as “GOAT” Says the Expected Bullish Signal for Bitcoin May Have Arrived

The Technical Analyst Known as “GOAT” Says the Expected Bullish Signal for Bitcoin May Have Arrived

BitcoinSistemiBitcoinSistemi2026/02/21 11:12
By:BitcoinSistemi
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Futures positioning in cryptocurrency markets is back in the spotlight.

Technical analyst Tom McClellan noted that investors classified as “non-commercial” in Bitcoin futures (a group typically encompassing speculative and professional funds) have shown a remarkable rate of shifting to net long positions, according to the latest COT (Commitment of Traders) report.

McClellan argued that this group of investors has historically been considered “smart money,” recalling that similar-scale increases in net long positions have been followed by strong price movements in Bitcoin in the past. However, the analyst emphasized that the current data should not be considered a buy signal on its own. According to McClellan, this is a “condition,” not a “signal.” It indicates a structural change that can be seen in the process of market bottom formation; however, it does not represent a definitive turning point in terms of timing.

Responding to McClellan’s assessment, BuildMarkets CIO Matt Dines said that particular attention should be paid to the comments of experienced analysts. Dines pointed to a significant detail in the chart, recalling that during the previous major bear market cycle, non-commercial investors took net long positions before the final bottom. He stated that this indicated a “necessary but not sufficient” condition was met for long-term Bitcoin investors.

According to Dines, the most experienced long-position investors are currently on high in the market. The Bitcoin price could retreat further from current levels; however, a strong headline news story, whether macroeconomic or regulatory, confirming the cyclical bottom could emerge at any moment. It is assessed that if such a catalyst appears, a rapid and aggressive positioning could be seen in the market.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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