July 16, 2024

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Bitcoin is going through a “very boring” period, but it probably won’t last much longer

Bitcoin is going through a “very boring” period, but it probably won’t last much longer

The world of cryptocurrencies is constantly evolving, but at the moment Bitcoin (BTC) appears to be going through a period of relative calm. Bitcoin has been on a downtrend for some time, but there is hope on the horizon according to hedge fund manager Charles Edwards.

Analyst predicts: Bitcoin will quickly exceed $70,000 due to the bullish pattern

Analyst predicts: Bitcoin will quickly exceed $70,000 due to the bullish pattern

The value of Bitcoin decreases

Since Bitcoin reached an all-time high ($73,000) in March, the price has been falling ever since. The recent big drop saw the value drop by about 5%, from $63,000 to $60,000. According to Santiment, an analysis agency for cryptocurrencies such as Bitcoin and Ethereum, the bottom seems to be slowly appearing.

Traders are showing little interest in buying the dip after the recent decline in Bitcoin. “In general, a lack of public confidence is a strong sign that prices are nearing the bottom,” Santiment said in a statement. analysis On X.

According to Edwards, co-founder of cryptocurrency hedge fund Capriol, Bitcoin is currently going through a dull period with little happening. According to him, this period can last for up to 6 months, until sometime in the summer.

“When you get bored enough with sideways moves, the symptoms will be that you think the halving has been priced in, the bull market is over and you sell to buy stocks at the low. These symptoms will peak before the rally,” Charles Edwards said in a statement. Immediately huge mail On X.

Similar period for BTC in 2023

The current period that Bitcoin is going through is similar to the previous periods that the cryptocurrency has gone through. There was a similar “dull” period in 2023. Between April and September 2023, the price of Bitcoin ranged between $25,000 and $30,000. Duration 6 months. What followed after September was a growth that continued until March of this year, when the highest Bitcoin value ever was achieved.

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If the price follows the same trend, it seems that there is a period coming when Bitcoin could rise to new heights.


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