The crypto market after the recent slash recovery very quickly as most of the crypto assets is hovering close to their respective resistance levels. Moreover, BTC’s price appears to have laid down a strong path toward the $50,000 level in the next couple of days. And on the other hand, the on-chain metrics also point to a huge upswing. But wait there’s a catch!
Bitcoin is considered to be a good investment option in recent times much above cash, bonds or gold. And hence when it explodes, it undertakes a huge upswing surpassing all other investment options on the planet. But it is also the fact that the star crypto does have some relation with the stock market and hence the volume slumps heavily during the weekends when stock markets are closed.
A popular analyst Peter Brandt replied to an analyst who said Bitcoin consolidates longer but when it rallies, it explodes heavily. However, BTC prices nowadays display a huge possibility of ranging extremely high to reach the immediate targets at the earliest. And hence it is believed that the price may undergo either a 10x rally or else consolidate for another 2 to 3 years.
Now when Bitcoin is becoming more and more scarce day by day, the demand tends to increase significantly. At present, the BTC supply has surpassed 19 million and hence the price rally appears to range high soon. Moreover, the small traders and the large whales both have become active at the same time. And hence a huge jump after a quick consolidation is imminent.