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Bitcoin price might eventually rise as investors continue to hold more tokens
Amid crypto volatility, Bitcoin continues to witness an uptrend as investors plan on buying the dip. BTC seemed to be stabilizing at around US$29,000, but then again, the crypto fell as low as US$21k, and then again to US$18,000. Irrespective of its price movements, trends reveal that cryptocurrency investors are coming back to investing in BTC and have created various strategies to utilize the benefits that the bearish market is yielding. Investors are also coming back for other alternative coins as the performance of Ethereum and other altcoins have considerably improved. Even though Bitcoin’s performance is not as robust as Ethereum’s, Glassnode data indicates that investors have been accumulating BTC at quite a rapid pace. Experts anticipate that the Bitcoin price might continue to rise, while several others are already abandoning their hopes that BTC would ever recover back to its lost glory. According to reports, if BTC successfully surpasses the US$21k resistance, without plummeting again, it could make the biggest breakthrough for a bullish price rally.
While all altcoins are finding it hard to attract investors again, especially after the entire Terra fiasco, data reveals crypto investors have been quite enthusiastic about hoarding BTC tokens in their wallets, which has eventually led to all-time new highs in the number of Bitcoin ‘wholecoiners’. This increased investor confidence also demonstrates that investors are finally moving away from the ‘extreme fear and panic’ zone. Bitcoin has always been quite popular due to its volatile price history, which is one of the major reasons why several investors have been reluctant to invest in crypto. But understanding the factors that influence the market price can help them decide whether they wish to invest in it, or trade it.
Bitcoin has found resistance at US$21k
Bitcoin’s price recovery over the past couple of days has been generally due to the push that the crypto has been gaining more investors who wish to buy the dip. Mostly, investors are worried about the surging inflation, lagging recovery in the job market, and Fed’s continuous signals that it would begin shutting down pandemic measures to support the falling economy. Even though Bitcoin had a slow start to the year 2022, crypto has not yet lost the trust of its investors. Despite falling back significantly from its last all-time highs of US$68,000 to U$$18,000, there are several experts who still think that its price might still end up landing around US$100,000 at some point in time.
Bitcoin was not just brought down by the macroeconomic factors and loss in investor appetite to invest in cryptocurrencies, the implosion of TerraUSD and the entire Terra ecosystem is also one of the several reasons why Bitcoin fell dramatically. The declination in Terra’s value also resulted in the fall of several other major cryptocurrencies like Ethereum, Solana, and infact, all other stablecoins. Currently, most financial experts are working with crypto investors and aiding them to invest carefully in cryptocurrencies.
Experts initially recommended investors keep their Bitcoin investments under 5% of their total investment portfolio. Investors need not worry about their investments anymore if they have already done this. Nevertheless, BTC supporters are clearly inclined toward investing in cryptocurrency rather than staying away from it. Maybe this might eventually lead the crypto to rise again, finally recovering from its slumber position to gaining back its lost market position.
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