Crypto News- Bitcoin’s volatile nature makes it equally susceptible to a 50% downturn or a 200% upswing, according to insights shared by Ryan Grace, the head of wallet developer tastycrypto. In his conversation with Coin Edition regarding Bitcoin’s recent price fluctuations, Grace pointed out that data from on-chain analytics indicate strong buying activity from both major investors and retail traders, typically indicating a forthcoming price increase.
Analyst Warns of Bitcoin’s 50% Loss or 200% Gain Amidst Volatile Market
The co-host of tastylive’s Crypto Concepts went on to explain that Bitcoin’s recent climb beyond the $35,000 mark, supported by positive MACD indicators and increased trading volume, signals that the current rally possesses substantial momentum. He also highlighted that this surge aligns with the approaching Bitcoin halving event, now less than 200 days away, and the increasing likelihood of regulatory approval for a spot Bitcoin ETF, all contributing to heightened investor confidence.
When discussing the potential for Bitcoin price retracements, Grace acknowledged that pullbacks can materialize unexpectedly, despite the current indicators favoring a long-term bullish trajectory. However, he emphasized that the approval of a spot Bitcoin ETF could usher in trillions of dollars managed by Registered Investment Advisors (RIAs), possibly mitigating bearish pressures.
Tim Zinin, the founder of Botanica School, a platform focused on educating individuals about digital assets, likened predicting Bitcoin’s price to forecasting the weather in a storm. Yet, he echoed a common adage in the crypto world that suggests the best time to invest in Bitcoin was yesterday, with today being the second-best opportunity.
In recent developments, Bitcoin bulls made a resurgence and managed to surpass the $35,000 resistance level. This upward move resulted in a bullish daily candlestick on the price chart, starting at $34,667 and concluding at $35,440, as reported by TradingView. The overall sentiment surrounding the flagship cryptocurrency remains optimistic, given its trading at the upper end of the range established during the consolidation phase following the recent 30% rally.
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