- Bitcoin has not hit the “alert” zone of hyper-growth yet in its current market cycle
- Gradual uptrend of the past eight months might accelerate after it does
As a researcher with experience in the cryptocurrency market, I believe that Bitcoin has not yet entered the “alert” zone of hyper-growth in this current market cycle. The gradual uptrend over the past eight months might accelerate once it does.
As a crypto investor, I’ve noticed an impressive surge in Bitcoin’s [BTC] value following the unexpected favorable CPI numbers on April 15th. Currently, Bitcoin hovers around $65,800 on the charts. However, it’s important to acknowledge that Bitcoin has experienced a retracement phase since mid-March and hasn’t yet broken through the resistance level of $66,900 set in late March.
For the past month and a half, the bullish trend in Bitcoin has slowed down significantly. Concerns about a more substantial pullback have emerged. Flows into Bitcoin ETFs have been minimal or even negative, while speculative enthusiasm has waned. Additionally, there were concerns about potential miner sell-offs.
Price fears might be unfounded
In a recent post on X, cryptocurrency analyst Axel noted that Bitcoin has yet to exhibit significant and swift expansion during this market cycle, as indicated by the orange marks denoting such growth in prior cycles.
As a crypto investor, I’ve closely examined the quarterly price performance chart and was thrilled to discover several instances where Bitcoin’s value surged by nearly 75%. However, despite these impressive gains, the bulls seemed to have hit a roadblock and were unable to drive prices beyond that point.
As a researcher studying market trends, I’ve noticed that the recent triple-tap at the 75% mark bears a striking resemblance to one from the past, specifically in 2017. However, it is essential to acknowledge that history does not always repeat itself, and we cannot guarantee the occurrence or duration of such growth phases in the future. It’s important for investors to keep in mind that the current market cycle may still be in its early stages, and reacting to potential downturns based on speculative scenarios could seem insignificant in the not-so-distant future.
One fear that does not seem misplaced, outlined by a Core contributor
Matt Corallo, a significant contributor to Bitcoin, has expressed concerns about the cryptocurrency’s future, stating that it’s challenging not to view Bitcoin’s outlook as grim. According to him, we are currently engaged in a fundamental conflict that aims to define the essence of Bitcoin. He drew parallels to the block size debates of 2015-2017.
Read Bitcoin’s [BTC] Price Prediction 2024-25
As a researcher looking back on the early days of Bitcoin’s development, I once pondered over the question of who held the power to define its essence. Now, with the evolution of this groundbreaking technology, my focus has shifted to understanding the very nature of Bitcoin itself.
The analyst holds the view that Bitcoin’s role as a means for unmonitored transactions outside of third-party control is being undermined by continuous Know Your Customer (KYC) requirements. This contradicts the initial concept, while the centralization of mining is another issue of worry.
As a bitcoin analyst, I’ve noticed that the community is preoccupied with internal disputes rather than focusing on the external threat of increased regulation. It remains to be seen how Bitcoin will evolve over the next few years as a result of these distractions.
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2024-05-17 14:15