Bitcoin continued to rise gradually over the weekend

lupafilotaxia (74)in Project HOPE • 3 months ago

The expectations that continue to be woven on what will ultimately be the direction that the Bitcoin price action will take are very dissimilar, this if we consider that for the bearish the price entered a falling range and will probably fall to the $35,000 area, and on the other hand there are the optimistic assessments of the bulls who propose that the price entered an accumulation range before its next upward momentum that will take it to the $49,000 area.

Now, determining what the direction of price action will be is not a simple thing to predict at the present time, as there are external macroeconomic factors that can influence the price of risk assets including Bitcoin.

Additionally, the reality surrounding the Bitcoin EFT has created a series of optimistic expectations among traders, however, the sales of BTC units have increased after the approval of the Bitcoin EFT, on the other hand, it is expected that the states and banking institutions will execute regulatory measures in the medium term, which will affect the price action downwards.

In the just culminated week the price action got into a range that for some experts may be favorable for alternative cryptocurrencies to recover, according to Rakesh Upadhyay columnist of the portal Cointelegraph the consolidation of the Bitcoin range can potentially open the doors for SOL, AVAX RNDR and SUI.

On the other hand, and according to Upadhyay , "Solid buying at lower levels stopped Bitcoin's slide, but a new bull market is unlikely to start in a hurry. BTC price could consolidate its gains as traders focus on inflows into newly launched Bitcoin exchange-traded funds and wait for Bitcoin halving in April."

I would like to know your appreciation on what is discussed here.