There are different approaches to the cryptocurrency Bitcoin. Especially the analyzes that differ from the market attract attention. There is such an analysis today. According to the analysis, two situations are possible for Bitcoin. Let’s look at the details.
What does Bitcoin volatility mean?
According to Ryan Grace, president of wallet developer Tastycrypto, Bitcoin’s volatility attracts attention. Accordingly, Grace says that there may be a 50% decline for Bitcoin. However, he points out that a 200% gain is also possible. Grace also points out the best course of action for BTC believers. Accordingly, holding a nominal amount of the cryptocurrency indefinitely.
Grace is also looking at on-chain data. Accordingly, he emphasizes that data obtained from on-chain analyzes show that both whales and individual investors buy Bitcoin. He also notes that this is the trend that typically coincides with upward price movement.
possibility of withdrawal
When asked about the possibilities of a Bitcoin price pullback, Grace looks at current indicators. While it appears consistent with a long-term uptrend, pullbacks for Bitcoin could occur unexpectedly, she said. However, he states that approval of a spot Bitcoin ETF would open the doors to trillions of dollars. She also noted that this entry (or the expectation of it) will likely keep bears away from BTC.
According to Tim Zinin, founder of crypto education platform Botanica School, predicting the price of Bitcoin is like predicting the weather in a storm. However, he notes that the best time to buy Bitcoin in the crypto industry is yesterday. He also says the next best time is now. Bitcoin price is trading at $34,600 at the time of writing.
BTC rally statement from cryptocurrency analysis company
Apart from the analysts above, another evaluation came from the cryptocurrency analysis company QCP Capital. Accordingly, Bitcoin is looking at a different point in the recent increase in BTC’s price. He emphasized that it depends on macroeconomic factors rather than developments regarding spot ETFs. This increase was triggered by a lower-than-expected Treasury supply forecast and dovish statements by the head of the Federal Reserve (FED), which led to a decline in bond yields and a subsequent increase in risk assets.
However, it is stated that approval of spot ETFs is crucial for Bitcoin to reach higher levels. QCP Capital also only says what a major move by SEC Chairman Gary Gensler would cost. According to this cryptokoin.com When we look at it, it states that Bitcoin has the potential to push the price of BTC below the $ 32,000 level. He argues that this shows the importance of regulatory decisions in the cryptocurrency market.
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