Reshab AgarwalBitcoin’s 2021 bull run isn’t over. After the price crashed to a low of around $30k, Bitcoin has recovered about 33% in just a few days. And all technical stats, analysis, and chart formation suggest that there could be a breakout anytime now. Many have said that the price of BTC has bottomed out, and it’s not going to go below the $30k price point. Even the asset manager Brian Kelly says that the market is mispricing Bitcoin. He said when this kind of mispricing happens, it is often the bottom. That means we should not expect prices to drop lower.
Bitcoin has bottomed out.
Brian says that he calculates or assesses the Bitcoin situation with the address growth of Bitcoin. This means if the number of the address of Bitcoin grows substantially, that means it is a good market. It also means Bitcoin is in bullish momentum, and more people are joining in every day.
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But at present, what you can see is that Bitcoin’s address growth is flat, and there is no growth in the network. This shows that the market is mispricing Bitcoin and is not understanding its true potential. The same happened in March 2020 when BTC hit $3,500 and then soared to $60,000. A similar thing could happen here, and we could actually see $100k very soon.
The technicals like the MACD and the triangle forming on the daily chart show that the price could break out above $42k anytime now. It was moving in that direction to test the resistance again, but Elon’s tweet slowed down as the market fell after the same.
Up! Up! and Up! from here on
Image Source: Currency.com
Even though Bitcoin has strong fundamentals and has technicals to back it, the market is still very new. This means it easily gets affected and manipulated by whales. There is a very strong momentum game in the Bitcoin market. This means in order to have a similar price boom like that between 2020-21; we need to get going first. Some good news, good regulation from the government, and positive sentiment are what we need to make it to $100k.
Brian says that no matter how low the price has dipped, everything stays the same for BTC. The government is not going to ban it no matter what, and even if they do, nothing changes. It will still see adoption from major companies, investments from hedge funds, banks, and retailers. He also added that it’s is difficult to say if $309k was low, though it is very probable. But if the price of Bitcoin goes to $20,000, Brian says he will buy it with both his diamond hands.
What are your thoughts on the fund manager’s comment suggesting that Bitcoin’s price has bottomed out? And do you think we could see an upside move from here? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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