After record price spikes of over $ 24,000 per coin, Bitcoin (BTC) has been consolidated, slightly decreasing in price. The asset may have stalled for now, but the future remains optimistic, according to TradingView CEO Pierce Crosby.
“Right now, I see very near-term headwinds for Bitcoin,” Crosby said, adding:
“The recent performance may seem parabolic, but we do not expect any negative events in the short term. This makes for a bullish base case on price. “
Bitcoin cracked it 2017 all-time price high from $ 19,892 on December 1, 2020 and beyond with more than $ 1,000. After stabilizing, BTC moved up again, tossing $ 20,000 and starting price discovery without staying above historical levels.
Since its latest surge of over $ 24,000, crypto’s largest holdings have been trading sideways in recent days after a slight downturn. In the past, Bitcoin’s cooling-off periods have sometimes caused money to flow into altcoins, creating a period of positive prices for digital assets other than BTC. However, Crosby remains unsure of the alt scene.
“Altcoins that I have less confidence in, especially as the rotation to majors is taking place,” he said. “Majors” refers to the share of cryptocurrencies with large market capitalizations. Unfortunately for ‘alt enthusiasts’, Bitcoin is relatively stronger. “
MassMutual and MicroStrategy are two examples of this regular financial entities hopping on the Bitcoin train, invest large sums of capital.