Facebook Twitter Instagram
    adherents
    • TV
      • Netflix
      • Disney+
      • Amazon Prime
      • HBO Max
    • Celebrities
    • Movies
    • Anime
    • Crypto News
      • Trading software
    • Tech
      • Gadgets
      • Phones
      • Television
    • Reviews Online
    • Contact Us
    Facebook Twitter Instagram
    adherents
    Home » Bitcoin (BTC) Enters Strong Consolidation; When can we expect a rise?
    Crypto News

    Bitcoin (BTC) Enters Strong Consolidation; When can we expect a rise?

    By Farwa RazaMarch 16, 2022Updated:April 3, 2022No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The world’s largest cryptocurrency, Bitcoin (BTC), has entered a severe consolidation and is currently trading at around $39,000. At press time, Bitcoin price movement on the daily and weekly chart is less than 0.5%. Earlier today, Bitcoin briefly contracted in an attempt to break above $40,000. Popular cryptanalyst Lex Mozkovski calls it the mother of all consolidations. Citing data from Glassnode, he explains that a “record 775k BTC changed hands at around $38.7”. Earlier on Monday, Bitcoin came under some pressure after reports that the EU was going to ban all proof-of-work (PoW) cryptocurrencies. But EU parliamentarians voted against the proposal, breathing a sigh of relief to investors. But the broader market outlook doesn’t look too good at the moment. The cryptanalyst Michaël van de Poppe explains:

    Altcoins are again showing a lot of weakness on the BTC pair as they are falling. Bitcoin continues to consolidate. Not the best signals for the markets, to be honest.

    On the other hand, long-term Bitcoin holders are filling their bags on an annual basis. Data from Glassnode shows that “long-term holders are increasing their balance at an annualized rate of issuance of 7.6x. With ~900$BTC in issuance mined per day, this means around 6,840 BTC is moved into LTH storage daily.”

    Peter Schiff gave his perspective on Bitcoin

    In an unusual position, Bitcoin critic and gold fan Peter Schiff has explained the best case scenario for the price of Bitcoin to rise. Though that seems to be unusual as of now. In one of his last tweets, Schiff writes:

    For Bitcoin to go up, the NASDAQ must go up and #gold must go down. For that to happen, the #Fed must succeed in reducing #inflation to 2% without hurting the economy, which requires minimal rate increases and big cuts in government spending. But in that scenario, why own Bitcoin?

    This seems like a distant dream for now, as US inflation figures are already soaring close to 8%, hitting a four-decade high. The market is currently in a very critical position. On the one hand, the Fed has no choice but to raise the interest rate to control inflation.

    The crypto market has largely been following the broader stock market. Many analysts say that we are headed for a kind of recessionary condition. So if that happens, the crypto market could follow the correction in the global stock markets. Although designed as a hedge against inflation, cryptocurrencies have yet to prove themselves. Extreme volatility has so far prevented Bitcoin (BTC) from becoming a true alternative.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Farwa Raza

    Farwa Raza is a writer who specializes in news articles. She has been writing on wttspod.com for over one years, and during that time she has written over 100+ articles on various topics ranging from politics to entertainment. Her goal as an author is to provide readers with the latest news stories while also providing her own opinion on them.

    Related Posts

    Crypto Trading Bots: The Ultimate Beginner’s Guide

    January 2, 2023

    How to Start Trading Bitcoin – Day Trading, Scalping, Hedging, and Technical Indicators

    August 28, 2022

    How to Buy and Sell NFTs

    July 24, 2022
    Facebook Twitter Instagram Pinterest
    • About Us
    • Contact Us
    • Disclaimer
    • Terms And Conditions
    • Homepage news
    • Privacy Policy
    • Use Of Cookies
    © 2023 ThemeSphere. Designed by ThemeSphere.

    Type above and press Enter to search. Press Esc to cancel.