Who flies high, falls low? According to Pierce Crosby, it’s not that simple.
After hitting a record high of over $ 24,000 , Bitcoin ( BTC ) is consolidating and has declined slightly. The coin may stagnate for the time being, but the outlook remains bullish, according to TradingView CEO Pierce Crosby.
„At the moment I see very short-term headwinds for Bitcoin,“ said Crosby. He added:
„Lately developments may seem parabolic, but there are no negative events in the short term that we expect. That means the price is still bullish.“
Bitcoin cracked its 2017 all-time high of $ 19,892 on December 1, 2020. It then fell more than $ 1,000 . After stabilizing, BTC embarked on another run, breaking the $ 20,000 mark and entering a pricing phase with levels never before reached.
Since its most recent surge above $ 24,000, the largest crypto asset has stagnated for the past few days after falling slightly
In the past, Bitcoin cool-downs have sometimes resulted in money flowing into the altcoins. That always meant gains for digital assets other than BTC. However, Crosby is uncertain about the altcoin scene.
„I’m less confident about altcoins, mainly because there is currently a transition to the majors,“ he said. „Majors“ are cryptocurrencies with a large market capitalization. „We could expect a transition back to altcoins in the spring. But unfortunately for ‚altcoin lovers‘, Bitcoin is on a stronger foundation by comparison.“
MassMutual and MicroStrategy are just two examples of large financial companies that have bought Bitcoin and invested large sums of money.