Based on cyclic Bitcoin (BTC) performance in previous years, here's what we should expect from largest cryptocurrency in next six months
As covered by U.Today previously, Bitcoin dropped to $3,250 in early morning hours on March 13, 2020. This event will be remembered as the"Black Friday in Crypto."
As such, many analysts ask Bitcoin bulls to stay super cautious in the last months of the cycle. Researcher @CryptoCon_ stresses that Bitcoin Being below healthy supports like the 20 Week Exponential Moving Average, it's probably good to expect some dull price action for some time Once the fourth cycle ends, Bitcoin might start rallying to new highs. The ultimate goal for the first cryptocurrency indicated by cryptocurrency investing veterans fromThis time, the end of the cycle might be even more painful for bulls, says Hal Press, founder and CEO of North Rock Digital cryptocurrency asset management fund.
Press recalled that the U.S. government should be selling 33,000 Bitcoins by the end of the year, which is equivalent to $850 million. Also, major movements of funds are expected to happen when owners prepare for the As such, should U.S. regulators fail to approve a Bitcoin spot ETF launch by the end of 2023, bulls should be ready to face"grim going into year end," Press admits.
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