Contrary to expectations that the price of Bitcoin will be upward after the third half-event, the price of the digital asset was unusually stable and hardly exceeded the $ 9,000- $ 9,500 limit. Although this performance has some possible explanations, the crypto community is retreating in anticipation of the next rally.
The cryptocurrency analyst TheCryptoDog has recently voiced the mood stemming from the long-standing expectation of new dramatic price movements.
Current Status of Bitcoin (BTC)
Bitcoin volatility has been declining sharply since May, creating a positive environment for altcoins to develop. As the interest in “HODLing” grows, more investors are increasing Bitcoin purchases in the projection of the future promising price movements of the digital asset.
Today, this stability feature has brought Bitcoin closer to the status of ‘digital gold’. It can act as a solid value store against the future wave of inflation, thereby becoming a hedging tool in times of economic uncertainty. Its ever-decreasing supply also contributes to this view, and after each resulting halfway event, Bitcoin becomes more special.
Is the Next Bull in the Corner?
Despite the high correlation with the S&P 500 index, Bitcoin is expected to explode as it still covers a larger region. For example, the economic crisis in Venezuela and the rapidly growing mining activities of China are affecting the price of BTC, which can eventually lead to universal adoption. In particular, the African continent may be the country leading the next big bull rally.
Overall, the crypto space sees an increase in decentralized finance that justifies the collective boom in market capital. Currently, more and more organizations are following the trend of adopting Blockchain-based technology, with increasing interest in the capabilities of digital currencies. This is reviving the enthusiasm for Bitcoin, now seeing a flow of serious valuation-oriented long-term investors, although it has probably been called a speculative asset many times.