With the BTC price hovering around $29,209, crypto market watchers are finding their patience thinning as Bitcoin continues to operate within a tight trading range. The sentiment, however, isn’t universally bearish. On one hand, pessimists anticipate that the BTC price might edge closer to $25,000 or probably dip even lower. On the other hand, some bullish industry traders like Credible Crypto, remain adamant that Bitcoin is set for a “parabolic advance.”
Credible Crypto and other hopefuls, basing their analysis on data including Bitcoin market cap dominance and its relative strength index (RSI), assert that conditions have been reset, laying the foundations for a potential surge. “The biggest upside moves on BTC are yet to come,” Credible Crypto projected, maintaining that a month of sideways action and dominance has merely resulted in a higher low. He believes the RSI appears reset, primed for upsides, thus summoning market watchers to buckle up for an upcoming bull run.
Evincing similar bullish convictions is fellow trader CryptoCon, who further fueled market optimism by arguing that the bears’ unrelenting resistance just below yearly highs was “astounding!” CryptoCon observed that market prices seem to be stuck in a sideways direction, but likened current conditions to that of a pre-breakout stage, thus amplifying his bullish stance.
While these traders’ predictions may seem exciting for some, it is critical to note that it doesn’t erase the potential risks that lurk within the volatile crypto-market. Every investment and trading move is a gamble that ought to be backed by self-conducted research, factoring in the risks involved.
Elsewhere in the market, cryptocurrency exchange Binance has announced the addition of SHIB, COMP, THETA, and 22 other cryptocurrencies as loanable and collateral assets on its Flexible Loan and VIP Loan services, thus expanding its offering. This, however, doesn’t eliminate the speculative rumors about the possible listing of BONE on Binance in line with the upcoming launch of Shibarium.
Crypto markets seem to be taking a breather at present after the venturesome rally of the last few weeks; however, that doesn’t mean we should rule out a sudden bout of volatility. As always, the crypto world waits with held breath for what’s next in line.
Source: Cointelegraph
