Pierce Crosby stands as the General Manager for TradingView, and had given comment regarding the record highs in price recorded by Bitcoin, having surpassed the $24,000 mark. While Crosby highlighted that the asset itself stalled, at least for now, he speculates that the future for Bitcoin is still quite bullish.
Nothing Keeping BTC Back
Crosby explained that the near-term headwinds are to be expected, but it should be noted that the coin, albeit seemingly parabolic, holds a bullish base case on price. This is due to the fact that there are no expected near-term negative events.
On the 1st of December, 2020, Bitcoin saw it breach past the all-time-high recorded back in 2017, pushing past the fabled $19,892 mark. Directly afterward, the coin retraced, going down by over $1,000. It was only with the next bull run did the coin slam past the $20,000 mark for good, and the coin has entered a new stage of price discovery, one with no historical reference left.
All New Highs For Bitcoin
Bitcoin’s latest surge saw it breach past the $24,000 mark, but the coin has been trading sideways ever since, stretching on for a few days now.
Bitcoin’s cooling periods sometimes meant altcoins were seeing money flow into them. As it stands now, Crosby isn’t sure what’s happening at the alt scene. Indeed the altcoins are seemingly dropping out of their close correlation with Bitcoin, going down in price while Bitcoin remains stable.
Crosby explained that he simply doesn’t have as much confidence in altcoins. While he does expect a rotation back to altcoins somewhere in spring, he warned all so-called “alt lovers” out there that Bitcoin has gained a stronger footing as a result of this new bull run.
An Unknown Future
The Bitcoin train right now is quite different from the big bull run that happened in 2017. The most prominent difference is the fact that it’s the institutional players taking part in this one. Back in 2017, it was predominantly retail traders piling on. With big firms like MicroStrategy and MassMutual buying large Bitcoin holdings, the “verification” it gains from this only sees Bitcoin’s price increase.
With any luck, the dreaded “crypto winter” that happened last time Bitcoin reached its ATH won’t happen this time, and Bitcoin bulls buying into the asset today won’t need to wait four years to have their assets turn a profit.
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