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Market

Bitcoin tops $ 65,000, but there won’t be a parabola at the end of the year

November 8, 2021 - Around 2 mins mins to read

Bitcoin continued to move sideways all day yesterday as analysts believe now is “not the time” to sell BTC. Data from TradingView shows BTC / USD traded sideways near $ 62,000 over the course of Sunday before breaking out to $ 65,000 at press time.

Bitcoin tops 65000 but there wont be a parabola

Source: TradingView

Analyst Rekt Capital said, “When you think about where BTC is headed in the coming months, it becomes clear that now is not the time to sell.”

The price trend from 2017 to 2021 remains eerily similar, according to TechDev.

1636336865 390 Bitcoin tops 65000 but there wont be a parabola

The source: TechDev / Twitter

Looking beyond the immediate market behavior, the mood remains undeniably optimistic – not only with Bitcoin, but also with Ether, Solana and other Altcoins.

However, consumer interest in Bitcoin has lagged behind market dynamics. Google Trends data for “Bitcoin” showed the lack of activity related to price promotions.

1636336865 89 Bitcoin tops 65000 but there wont be a parabola

Source: Google Trends

What’s next?

Renowned strategist Benjamin Cowen says Bitcoin will be parabolic for the rest of 2021.

In a new strategy meeting, Cowen said that Bitcoin is in a large area of ​​accumulation. Looking at the bigger picture, the analyst said that bitcoin has traded in a broad range of $ 28,000 to $ 65,000 for the full year so far.

“This is where 2021 starts, around $ 28,000 – $ 29,000 … And what has Bitcoin done so far? Not a lot, is it? Can we finally get out before the end of the year? Yes, it is certainly possible. But I don’t think Bitcoin will run parabolically this year as it has been flat most of the time. “

While the gap between the low and high ranges can be significant, Cowen argues that Bitcoin hodlers are unlikely to be excited about roughly double profits.

“You look at what happened to Bitcoin in 2021, absolutely nothing. It’s only in that 130% range. I assure you that most Bitcoiners will not be thrilled for 130%. “

The trader called 2021 the “Big Year of Accumulation” for Bitcoin, adding that it expects BTC to extend its bull cycle through 2022.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Annie

Bitcoin magazine

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Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
Market

Bitcoin tops $ 65,000, but there won’t be a parabola at the end of the year

Bitcoin continued to move sideways all day yesterday as analysts believe now is “not the time” to sell BTC. Data from TradingView shows BTC / USD traded sideways near $ 62,000 over the course of Sunday before breaking out to $ 65,000 at press time.

Bitcoin tops 65000 but there wont be a parabola

Source: TradingView

Analyst Rekt Capital said, “When you think about where BTC is headed in the coming months, it becomes clear that now is not the time to sell.”

The price trend from 2017 to 2021 remains eerily similar, according to TechDev.

1636336865 390 Bitcoin tops 65000 but there wont be a parabola

The source: TechDev / Twitter

Looking beyond the immediate market behavior, the mood remains undeniably optimistic – not only with Bitcoin, but also with Ether, Solana and other Altcoins.

However, consumer interest in Bitcoin has lagged behind market dynamics. Google Trends data for “Bitcoin” showed the lack of activity related to price promotions.

1636336865 89 Bitcoin tops 65000 but there wont be a parabola

Source: Google Trends

What’s next?

Renowned strategist Benjamin Cowen says Bitcoin will be parabolic for the rest of 2021.

In a new strategy meeting, Cowen said that Bitcoin is in a large area of ​​accumulation. Looking at the bigger picture, the analyst said that bitcoin has traded in a broad range of $ 28,000 to $ 65,000 for the full year so far.

“This is where 2021 starts, around $ 28,000 – $ 29,000 … And what has Bitcoin done so far? Not a lot, is it? Can we finally get out before the end of the year? Yes, it is certainly possible. But I don’t think Bitcoin will run parabolically this year as it has been flat most of the time. “

While the gap between the low and high ranges can be significant, Cowen argues that Bitcoin hodlers are unlikely to be excited about roughly double profits.

“You look at what happened to Bitcoin in 2021, absolutely nothing. It’s only in that 130% range. I assure you that most Bitcoiners will not be thrilled for 130%. “

The trader called 2021 the “Big Year of Accumulation” for Bitcoin, adding that it expects BTC to extend its bull cycle through 2022.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Annie

Bitcoin magazine

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