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.
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.
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.
Source: Google Trends
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.
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