Bitcoin’s Perfect Storm: Is BTC Ready to Rumble?
Crypto market momentum is still pushing ever higher as
Bitcoin touches its long term resistance point of $4,200. The next few days will be critical for crypto markets which will all
follow in its wake, whatever direction Bitcoin takes. Four Months ago Bitcoin plunged through $6,000 which many
had predicted would be its floor in this bear market.
Economist and crypto analyst Alex Krüger has posted a chart
of Bitcoin price since the November slump with the exclamation that BTC is ‘ready
to rumble’. It is the fifth time Bitcoin has tested this resistance level and it is hovering just below it at $4,190 at the time of writing. A Perfect Storm
Founding partner of industry investment company Tetras
Capital, Brendan Bernstein, recently likened the culmination of fundamentals as
the perfect storm for longer term Bitcoin performance.
Political factors, especially in the US and UK, will also
weigh heavily on the minds of investors and these could also boost Bitcoin
prices. Then there is the Bitcoin halving in
May next year which will reduce supply and block reward. Things are finally
looking up for Bitcoin, both in the short term and the longer run.
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$ 62652.65
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