Bitcoin Trending Sideways, Is the Monster Rally Only for a Month?
Is the BTC Price rally Short-lived?
Bitcoin price had a historical rally over the past few days which doubled the price from below $20000 to above $41,000 in just a month. Yet, currently, the price has dipped and trended sideways around $35,000. Moreover, the price had declined close to $30,000 which rebounded to the current levels.
Interestingly, the last Bitcoin bull rally of 2017/18 where-in the BTC price rallied to the highest levels above $19,000, the price dump also followed to the lowest levels. Hence indicating a ‘short-lived’ rally.
However, the recent bullish trend is not expected to dip to the lowest levels as it did earlier but the monster rally appears to have slowed down. Micheal Saylor, the CEO of Microstrategy, which holds more than 70,000 bitcoins believes that the bitcoin rally with more than 1500% gains exists only for a month at a time
However, Saylor still believes that the bitcoin price will have yet another mega rally very soon and therefore he intends to convince the founder of Skybridge, a hedge fund and Saltconference, a Fintech firm, Anthony Scaramucci to hold more bitcoins by selling gold. For which he replied positively.
Also Read: Bitcoin Bears Eclipsed the Bulls! Good Time to Enter for Newbies?
Will Bitcoin hit the target set at $50,000?
With the recent dumps which declined the price by nearly 28%, the crypto space wonders had a second thought as to whether the rally would continue further or not. The bitcoin dump of 2017 is considered for the bullish rally and steep dump. But one has to also consider the numerous dumps that were the part of the bitcoin bull rally.
In a chart put-out by Nathaniel Whittemore, the host of The Breakdown Podcast which is a daily analysis of macroeconomics, bitcoin, geopolitics, etc, he showcased a series of dumps included in the 2017 Bitcoin rally.
The dumps which were the part of 2017 rally were much higher than the current 28% bitcoin price dip. Therefore we can expect the rally to continue further and the bitcoin price rally may hit the set target at $50,000 very soon.
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