Bitcoin's Next Move
Had Someone said that this is how bitcoin's price action would look like this to me few months back , I would have definitely thought that they were insane.
But in the crypto market the unexpected things are the ones that we should always be expecting.
And here we are with one of the most volatile assets ever known and it's price action looking more like a straight line trading in the lower $9000 range for months together.
But we should not forget that this has happened shortly after we had the second worst sell off in bitcoin's history happening in March which was followed by a 300% rally .
So everyone expected bitcoin to retrace a bit after it hit the $10000 mark a few time but instead as always bitcoin chose to do a different thing and have a stable price action.
This stable price action has been there for some time now.
This in-turn ignited the altcoin market which is now multiplying over and over again due to which bitcoin is receiving very less attention now.
And when no one is giving attention to something that is an opportunity in my opinion (not Financial Advice)
So what is my view on the bitcoin price for the upcoming future?
As I said I am seeing this as an opportunity to add more to my bitcoin position.
That said there is an equal opportunity for bitcoin to rise or fall in price.
But personally, I think the probability of an upward price action is more because of the fact that back when the bitcoin halving happened everyone where expecting a dip as per history.
But what Happened??
Bitcoin Bulls managed to stabilize the price of bitcoin which shows that the buyers were coming in that price range i.e. people were willing to buy bitcoin at these ranges.
My Perspective is that Bitcoin had a tremendous rally from $3000 ish to $10000 with pretty much 300% returns and it is now having a prolonged accumulation phase retaining all the gains from it's rally.
Whenever bitcoin has been silent for a prolonged period the next move had a very high volatility (Either to the upside or downside)
So this time I think it's no different , The more bitcoin is stable the large will the scale of the move and I think that move will be to the upside given that we can't fall so hard as we have already gone through severe corrections and it is time for some upside in the market.
Personally I am adding to my bitcoin positions and after all DYOR .
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