BTC Bullishness on Hold, Consolidation Expected, Expert Says

IconCryptoNewsTerminal Staff31 Jul, 2024

cryptonews.jpg

BTC Bullishness on Hold, Consolidation Expected, Expert Says

The recent dip in Bitcoin's price has led to some analysts questioning the strength of the current bull market, but leading on-chain analytics provider Glassnode co-founders believe that a period of consolidation is likely before the bullish momentum resumes. "Not all #Bitcoin on-chain metrics are bullish," tweeted Negentropic, an anonymous Twitter account operated by Jan Happel and Yann Allemann, "The risk/reward is indicating 'high reward' comparing potential profit versus loss. With price action trading below the key support of $67k, we expect a week of consolidation before regaining bullish momentum. At that point, a breakout above $73k is possible." This analysis suggests that while the short-term outlook for Bitcoin may be uncertain, the long-term fundamentals remain strong. Investors who are willing to weather the current volatility may be rewarded with significant gains in the future.

Related News