Bitcoin Struggling at $8,000, Here’s Why You Better Get Ready for a BTC/USD Price Drop
- Russell Okung is a Bitcoiner stating he is part of the “revolution”
- Early signs of crypto spring are here
CNBC calls for BTC to soar, get ready to buy the dip
After seeing more than 100 percent return in 2019, Bitcoin seems to be taking a breather. After breaking $8,000 yesterday, the leading cryptocurrency, for now, is struggling at this level.
At the time of writing, BTC/USD has been trading at $7,975 with 24-hours loss of over 2 percent while the daily trading volume drops down to $1.5 billion as per Messari’s real 10, 24-hour volume.
To start with, Russell Okung of LA Chargers is demanding to be paid in Bitcoin while calling out
“I’m part of the revolution. Long BTC, short the bankers.”
— 🙏🏾 (@RussellOkung) May 14, 2019
Crypto Winter Is Finally Over
As Bitcoin doubles in price, the mainstream media has turned to Bitcoin, waiting to know the reason behind the ‘bubble.’ Meltem Demirors, chief strategy officer at Coin Shares lists the reasons that have ended the bear market for good.
To start with the institutions that seem to be driving the current rally, Demirors tick marks Bakkt announcing a $182.5 million raise for Bitcoin exchange, clearing, and custody services while TD Ameritrade launching BTC futures and Fidelity Digital Assets’ BTC trading and custody set to launch. And she puts it,
“not to mention ppl like jack are #stackingsats.”
However, it’s not just institutional investors, recently crypto adoption reached the mainstream with Flexa. Additionally, Cash App has made buying bitcoin easier than ever and the icing on the cake is Lolli that allows you to get sats back when you shop. Moreover, at least 8 cryptocurrencies are represented on traditional exchanges now.
Early Signs Of Crypto Spring
Demirors points out how just a few months back we had been in the throes of crypto winter. But with Bitcoin dominance going over 60%, Microsoft building services on top of Bitcoin network and “finance media refers to it as an “asset” now” these might be the first signs of crypto spring.
“Bitcoin's recent dominance amidst bullish conditions is quite interesting since in traditional asset classes we typically see a flight-to-quality amidst bearish conditions,”
said Josh Gnaizda, chief executive officer of Crypto Fund Research.
Matt Houghan, the Global Head of Research at Bitwise, and Chairman of Inside ETFs recently also shared surprising results from a poll including 150 financial advisers. The data revealed that 80% of the financial advisers have had their clients ask about cryptos. Moreover, financial advisers considering allocating investment funds in crypto has jumped from 9% to 22%.
Meanwhile, Let’s Not Forget About Correction
Are we going to the moon? certainly! But straight from here? Unlikely!
$BTC weekly update:
After breaking the much anticipated 6000 level BTC still looks amazing.
Trend, momentum and sentiment are all clearly bullish.
That said it's at resistance and a pullback would make sense.
I'd much rather be a buyer at support than a seller at resistance. pic.twitter.com/KVcem5fWFM
— DonAlt (@CryptoDonAlt) May 14, 2019
However, a drop from here won’t be as hard and would be just around 25% to 40%. And this is the chance for those looking to buy the dip.
Typical price corrections on $BTC bull trends range 30-40%.
They tend to be great bounce plays to accumulate more corn.
— ฿TF%$D! (@CryptoHustle) May 14, 2019