Bitcoin trades north of the $32,000 levels as the bulls regain some conviction in the daily chart. The general sentiment in the market seems more bullish, but many still warn caution until BTC’s price moves higher to a safer zone.
BTC scored some gains after testing the lows in the daily chart. Source: BTCUSD Tradingview
Bitcoin’s recent price action has left many in the dark, wondering about its next direction. Uncertainty reigns supreme. At this point, experts have been comparing different Bitcoin bull and adding:
You’re in a Source: Josh Rager
Pseudonym trader Daan Crypto has an opposite bias. This trader also compared Bitcoin with other cycles and believes this and other cryptocurrencies are not in a long
I personally do think the current cycle is not done yet and that we will see us move to new highs later this year which we’ll likely hit around Q1 2022 if I had to guess.
Bitcoin And Its Bullish Cycle, Will History Repeat?
Daan Crypto argued that the 4 Bitcoin past cycle can be divided into those with smaller corrections and a grind up towards new highs, as seen below.
Source: Daan Crypto via Twitter
(…) where we do see a huge correction, after which price starts to recover and sets a new high about 4-5 months later. After that it continues for a while, until it sets the cycle high and really starts the bigger Source: Daan Crypto via Twitter
Compare the now $1T+ market cap to the crypto market cap 10 years ago. Good luck trying to buy $1M of Bitcoin back then. While nowadays, this wouldn’t even move the market by more than a few dollars.
The trader did clarify that it’s impossible to be 100% certain on the times in BTC’s price cycles. In addition, he doesn’t rule out the possibility that Bitcoin stays in the lows for the remainder of the year.
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