After the bad news last week about the withdrawal of a Bitcoin ETF application by VanEck, the value of Bitcoin dropped less than analysts expected. And now that the Bitcoin price has even increased by 2%, it is approaching a point after which it can start to show more volatility.
After having been stable for two weeks in the area between $ 3,500 and $ 4,000, the Bitcoin course now forms a so-called falling wedge pattern. This is a pattern in which a price always makes smaller fluctuations and eventually breaks out, after which there is a chance that the price will go through a large increase or decrease.
The leading cryptocurrency trader “Crypto Rand” said about the BTC course:
If BTC continues to move in the horizontal range, it will form a falling wedge in the next few hours and we will see if we get a breakout or drop-down. If the 4-hour candles close in the current structure, I would be slightly bullish in the short term. But we must not forget that we are still in a complete bear market and that the daily trend remains bearish,
So in the short term there is the chance that the Bitcoin price will be bullish, but if the price can exceed $ 4,000 is very unlikely. Since the end of 2017, the Bitcoin price has plummeted and according to the co-founder of Cardano, Charles Hoskinson, the recovery can take up to 11 years:
It can take up to 11 years for the crypto industry to recover, and that we will again achieve the level we achieved in 2017. We will have a completely different ecosystem at that time. We will have millions, maybe even billions of users. We will be part of many consumer products, easier to use, [even] grandmother can use it. Many of the difficult things will have been sorted out, “says Hoskinson during the Crypto Finance Conference