After a record price of more than $ 24,000 per coin Bitcoin (BTC) has consolidated and has decreased slightly in price. The asset might have stalled for now, but the future remains optimistic, according to Pierce Crosby, CEO of TradingView.
“Right now I am seeing very short-term headwinds for Bitcoin,” said Crosby, adding:
“The recent performance may seem parabolic, but we don’t expect any negative events in the short term. This makes it a bullish base case for the price. “
Bitcoin broke its 2017 high of $ 19,892 on December 1, 2020, before falling back more than $ 1,000 afterwards. After stabilizing, BTC followed a different trend, topping $ 20,000 and making a historic record price discovery.
Since its last surge of over $ 24,000, the largest crypto asset has been trading sideways for the past few days after falling slightly. In the past, Bitcoin’s cool-down periods sometimes caused money to flow into altcoins, resulting in a period of positive prices for digital assets other than BTC. Crosby isn’t sure of the alternate scene, however.
“I have less confidence in altcoins, especially when the shift is too ‘important’,” he said. “Major” refers to the proportion of cryptocurrencies with a large market capitalization. “We could expect a rotation back to altcoins in the spring, but unfortunately for ‘alt-lovers’ Bitcoin is relatively on a stronger foundation.”
MassMutual and MicroStrategy are two examples of conventional financial institutions getting on the Bitcoin train and investing large amounts of capital.