"Crypto is volatile". As crypto enthusiasts, we hear this sentence too much. BTC is sometimes the example of this volatility. However, since the middle of May, the king of cryptocurrencies is more or less blocked between $30,000 and $40,000.
Will it stay like this ?
The term that the traders love to use during a period like this is "Bitcoin is ranging". That particular range is, as I already said it, the 30/40k dollars range. In order to analyze the situation, I'll try to argue with fundamentals rather than with chart analyses because I'm simply not an expert and I think I don't want to give you any shitty investment advise that would make you lose money. So, I'm just going to examine if the $BTC can go higher ... or lower ?
Here is the BTC chart for the last three months. What we can't see is everything that happened before, such as Tesla's announcements that made the $BTC rise a lot. If I my memory is correct, Bitcoin was more or less at 30,000 dollars at that precise moment. Institutions have followed that move and $BTC seems to be resilient to go under the $30,000 mark. Indeed, my supposition is that many investors are buying Bitcoin when it goes under 30k without even thinking about it. And what is the most amazing ? I think they are right, as they want to keep it for very long term.
You've understand, my opinion is that $BTC will not go under 30,000 dollars or at least not during a long period. But will it go higher than 40,000 dollars ?
Everything depends about the duration we're looking at. If you want Bitcoin to go higher than 40k in the next month, I think it is possible but really not sure. This asset is still too much impacted by any good or bad news that could leak on internet (Elon Musk, Tesla, Amazon ...). My personal opinion is that this "ranging" will last in few weeks or months excepted if the bullrun knows a second wave. However, in few years, my bet is that Bitcoin will have a four-digits prize.
And you, what is your bet about the future Bitcoin prize ?
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