Trader Who Nailed 2023 Crypto Rally Foresees Prolonged Period of Bitcoin (BTC) Price Stability
Crypto Breakout Rider Warns of Extended Quiet Period for Bitcoin (BTC).
In a recent strategy session, the pseudonymous analyst known as DonAlt, with a substantial YouTube following of 52,800 subscribers, highlights the notably subdued price movements of Bitcoin, even in the face of PayPal’s introduction of the PYUSD stablecoin. This lack of response, according to the crypto strategist, signifies a significant shift in the market.
Notably, DonAlt observes that not even the heightened volatility in the stock market is sufficient to reinvigorate Bitcoin’s price action, pointing out that past events such as PayPal’s interest in stablecoins would have typically driven a considerable market boost. However, the anticipated bullish effect hasn’t materialized this time.
The recent delay in the ETF decision, while not entirely surprising, has not resulted in significant price fluctuations, as daily candles only show minimal movements of around 1% or 2% for Bitcoin, despite the active trading environment of the S&P.
DonAlt further predicts that Bitcoin’s stagnant conditions may persist for the next six months, attributing potential changes to a significant policy shift from the Federal Reserve, reminiscent of the actions taken in 2020 during the Covid crisis. If similar government responses lead to a reversal of the current tight monetary policies, this could potentially restore Bitcoin’s volatility and bullish momentum, thereby renewing the market’s interest.
As of the time of this report, the value of Bitcoin stands at $29,248.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
Comments are closed.