- Bitcoin Could See ‘Boring’ Price Action – A trader who caught the crypto breakout earlier this year warns that Bitcoin (BTC) could see muted price movements for an extended period of time.
- Volatility in Stock Market Not Enough to Move BTC Price – The launch of PayPal’s dollar-backed stablecoin PYUSD did not cause a surge in BTC price, leading the analyst to believe that the choppy conditions could last for six months.
- Reversal of Fed’s Tight Monetary Policies Could Revive Bitcoin Bull Run – The crypto analyst says that one thing that might restore Bitcoin’s volatility and bullish momentum is the reversal of the Federal Reserve’s tight monetary policies.
Bitcoin Could Witness ‘Boring’ Price Action for a Long Period: Trader
A trader who rode the crypto breakout earlier this year has warned that Bitcoin (BTC) could see muted price movements for an extended period. In a new strategy session, pseudonymous analyst DonAlt tells his 52,800 YouTube subscribers that even though PayPal launched its dollar-backed stablecoin PYUSD, it didn’t cause any surge in BTC prices.
Stock Market Volatility Not Enough to Move Bitcoin Prices
DonAlt added that even the volatility in stock market isn’t enough to bring back life into BTC’s price action. He believes that if something like Covid-19 had happened again then it might have pushed up prices by 10%, but since there wasn’t enough interest from PayPal or any other news regarding cryptocurrency, there was no price movement. As per DonAlt, these daily candles are only seeing 1% or 2% moves and this can go on for another six months.Fed’s Tight Monetary Policies Might Revive Bitcoin Bull Run
The crypto analyst explains that what may revive bitcoin’s bullish momentum is the reversal of Federal Reserve’s tight monetary policies just like when they pushed interest rates close to 0% during Covid crisis. He advises traders to wait until they see some big strength and something specific to cryptocurrencies before getting too interested because he believes the current trade is done now. At time of writing, Bitcoin is worth $29,248.Bitcoin Price May See a ‘Boring’ Stagnation, Warns Trader