Longtime bitcoin investors are used to the constant fluctuation of the cryptocurrency, which in certain periods devalues or rises 15% in a single day. Last month’s scenario, however, is different.
Since mid-June, the BTC has been sideways (with no defined trend) and remains in a small price range that goes from US$29,000 to US$36,000. In reais, the cryptoactive ‘navigates’ between R$155 thousand and R$182 thousand.
Bruno Milanello, executive of New Business in the Bitcoin Market, said that this lateralization occurs because cryptoactives are in a period of accumulation. In addition, he said that there is no negative or positive factor that makes the BTC’s trading price change level.
“It’s hard to predict right now whether the market will remain sideways, go down or go up. What can be said, however, is that the foundation behind the thesis of investments in cryptoactives remains intact and in constant evolution”.
drop in volume
Trader Diego Consimo, owner of the Crypto Investidor channel, also cited accumulation as one of the factors for the current scenario. In addition, he said that lateralization occurs because there is a drop in trading volume, which makes the price fall in search of a more liquid range for a possible reversal.
In June, trading volume on the world’s largest cryptocurrency exchanges fell by half.
“In the medium and long term, this (lateralization) is excellent, as we are consolidating in the US$ 30,000 zone, which in the future will become a strong support for the next bitcoin moves.”
Is it worth entering now?
For Consimo, the BTC will soon stop walking sideways. Before that, however, the currency may seek regions from U$ 27,000 to U$ 28,000. This Tuesday (20), for example, the BTC fell below US$ 30,000, the lowest price since June 22nd.
“We believe that a test in the regions mentioned above (price) and considerable entry of purchase volume is necessary to confirm a possible market reversal, while this does not occur, we think it is very risky to buy at this moment”, he added.
Milanello, from the Bitcoin Market, said that although the scenario requires caution, it is important to maintain the discipline of periodic investments. “The appropriate percentage (of the allocated amount) depends a lot on the profile of each one and on the short, medium and long term objectives”, he concluded.