You cannot deny that Bitcoin had a dreary time in the last half of May. Over the last month alone, the asset’s value dipped by over 35%. Although most market players viewed the drastic declines as usual in BTC’s journey since its launch, others felt disappointed.
In his recent podcast, Thiel Capital MD Eric Weinstein stated that most investors did not enjoy the BTC crash. Moreover, Weinstein added that you can’t conclude that the wild market changes did not bother BTC holders.
The exec yearned for market players to switch from the narrative that volatility distinguishes the crypto space from traditional markets.
You will agree that BTC has had indecisive moves lately. For instance, over the last week, exchange flows plateaued, showing no real trend. Moreover buying and selling are parallel at the moment.
Meanwhile, the younger coins are finding it hard to survive the current market. Digital assets under six months old have shown drastic spikes recently. Another notable trend is the selling of coins up to a 3-month-old decline. However, long-term investors accumulate for a contrasting trend created by near-term market participants.
Although the losses from the market crash started declining, most traders are selling at a loss. Recently, Anthony Pompliano from Pomp Investment stated that BTC has a rock to climb. That is because some investors bought when the consolidation ranged from $50,000 to $60,000. Some of the buyers will want to minimize realized losses, selling anytime they notice an uptrend.
Although it might take time for things to normalize, Pomp stated that BTC is not off-track.
Mostly, when SSR declines, it shows a reversal trend and a possible coin price surge. As much as the Stablecoin Supply Ration has been dropping recently, there are no signs of a BTC price upward trend at the moment.
Even as Bitcoin begins to resurrect in the last few days, Musk’s tweet effect restricted the asset’s rebound. For now, bulls require new whales for heavy-lifting. When writing this, the prominent virtual coins traded around $35,000.
Do you think that BTC will finally break over $40,000? Following which conditions? How long will it take for such a move? You can comment on your thoughts below.