HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

When Bull Market? Here’s What To Look Out For In Bitcoin In July 2021

Bitcoin 2021/07/05 12:56 by Newton Gitonga
Is Bitcoin’s Parabolic Bull Market Over_ Quant Analyst PlanB Says No

Not so long ago, we witnessed a huge bull run in the DeFi space, which was hugely sparked by investor confidence in Bitcoin. Shortly after peaking at $64,800 on April 14, Bitcoin went into a correction later shedding about 10% in value in only three days.

Several days later, as expected, this drop caused widespread fear as traders and investors sold their holdings to avert further losses. What followed later was a consequential dump across all coins, with Bitcoin down by about 55% by 19th May. According to CoinMarketCap, this dump shrunk the entire crypto market from over $2.2 trillion to less than $1.5 trillion.

For the past one and a half months, Bitcoin continues to struggle for an edge between $41,500 and the $29,000 area since 19th May without any signs of a clear direction. We are officially in a range-bound market. The big question however remains; when shall we break out of this squeeze for another bull run?

BTCUSDT Chart By TradingView

While it seems to already have found a bottom at $29,000, nothing can be further from the truth. In the general crypto trading community, ranging markets are seen as neutral patterns and the possibility of price breaking out, either way, cannot be underestimated, albeit one’s strong opinion.

There are sentiments that price could drop lower to $20,000 before resuming the bull run, while others are confident that price has reached its bottom and have thus started taking positions inside the range.

Notably, some big institutional investors and high net worth individuals such as George Soros through his Fund management group have expressed their interest in joining the space by purchasing Bitcoin.

Elon Musk’s Tesla purchased $1.5 Billion worth of Bitcoin during the first quarter of 2021, Microstrategy, one of the biggest investors purchased $2.1B worth of BTC, and Square which also purchased about $220 million worth of BTC just to name a few.

El Salvador also became the first country to adopt Bitcoin as a legal tender in June, expressing its confidence in its potential to keep the country’s economy stable and bring financial inclusion and encourage investment. We expect to see more countries and institutions starting to recognize and adopt BTC in the future, which will see its value resume in an uptrend.

Staying calm and patient when prices move sideways is always a great strategy when planning to take a trade. Being Sometimes in no trade at all is better than being all in, exposed without any clear strategy.

For now, the best option would be to wait for the price to break out to either side of the range for us to get a clear direction. A break and close-by price above the $41,500 area could see a surge in buying volume, which could propel BTC into another bull run.

0 Like(s)



You should also read...

Bitcoin 01/05/20 07:55 by Brenda Ngari
Analyst Mati Greenspan Puts Money Where His Mouth Is, Allocates 100% Of His Portfolio To Bitcoin (BTC)
The Founder of Quantum Economics, Mati Greenspan recently revealed his investing strategy in a tweet on Thursday. Greenspan stated that he has now allocated 100% of his eToro account to bitcoin (BTC)...
Read More
Altcoins 03/06/20 15:50 by Brenda Ngari
Why Blockstream’s Adam Back Is Convinced Bitcoin Will Shatter $300,000 Even Without Institutional Investors
Blockstream CEO Adam Back is of the opinion that bitcoin will eventually cross the $300k mark even without the participation of institutional investors. Per Back, retail investors -who have been back...
Read More
Bitcoin 16/06/20 13:26 by Brenda Ngari
Current Bitcoin Whale Population Looks Exactly Like September 2017, Just As BTC Ascended To $20K
Over the last few days, bitcoin’s price action has been quite dramatic. On June 15, the bellwether cryptocurrency tumbled below $9k alongside the US stock market which also took a dive. A few hours...
Read More
Bitcoin 12/08/20 04:00 by Cole Petersen
Why This Nasdaq-Listed Company Is Going All-In on Bitcoin
Bitcoin has become a popular investment vehicle amongst retail and institutional investors, but it is also becoming a reserve asset for some companies. Per an announcement from earlier today, a Nasdaq...
Read More
Bitcoin 24/12/20 02:00 by Tony Spilotro
Only 12% Of Deutsche Bank Clients See Bitcoin Over $100K Next Year
Bitcoin is the one asset everyone in 2020 is talking about whether they are for or against the cryptocurrency. Naysayers are out in full force, and supporters are stronger than ever and growing by the...
Read More