BTC: A Subtle Peep At The Bull Market
So BTC flew past 42k and to be very honest, not a lot of people expected this. However, it's not a sign to be carried away. We can still finish the year at the 35 to 38k range, especially if we experience some corrections later in the year. Exciting isn't it?
The pro-BTC maximalists are having a crazy swell time, and for anyone fully into alts, it's not such a good one, because we haven't really seen a significant correspondence in price in alts.
However, this shouldn't be a worry. A lot of people feel that by now, hive should be in the 45 to 50 cent range, but to be very honest, hive is one of those alts that experience late bloom. I feel it's generally not a thing to worry about. In fact, a smart business person will study BTC to know when and how to exactly take profit from the alts.
So does 42k in early December mean 100k in December 2024?
I won't say, I don't know I think BTC is experiencing a parabolic run and this isn't to say it'll continue like this. There are times when the movement will be slower, and from now till May 2024, I feel that 50 to 55k is possible, especially if there's a positive outlook with the spot ETFs. This is to say that the ETFs might positively influence price, on the other hand, delaying it may make the price of BTC drab or stagnant for a while, and this wouldn't be exciting.
Positive price action pushes sentimental investing. This is a period where noobs will be interested in investing. However, let's not overrule the fact that an over 115% increase in BTC's price is one of the most positive thing to take out of 2023. It's true that alts are currently not rallying, but we all know that it's going to be inevitable for the alts to rally. However, irrespective of whether we're in 42k, it's still difficult to accept that BTC might do 100k by December 2024.
I feel that we might have an x2 of the previous ATH at the peak of the run. This might be at 135k. However, I don't see BTC doing more than 140k at the peak of the market and this is a clear indication for people who are waiting for the top to begin to take profit. So at 100 to 120k, the market might be primed and anyone who does not take profit then might regret it. It's all speculation though, I might be wrong.
However, a lot of people are not truly focused on BTC. However, focusing on the price (BTC) is a prognosis, an indication of where the market will sway. The force at which it might and the degree as well. There's no reason not to get excited at this point and while hive may still be lagging, we're still expecting a bloom that might happen in a short time.
So how well are we going to close the year?
I still think 40 to 43k maybe, and nothing more than that. It's important to keep a realistic viewpoint of the market and getting surprised isn't bad either. The market is showing us a glimpse of what might happen in the bull market and at this point, we can only hope to see the alts rallying soon enough. If you have extra cash, it's time to buy some hive as this might just be the right time before it takes off.
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I think that Hive being a late bloomer is actually a great thing. The lag ensures that BTC pumps signal us to prepare for a spike in price too. For people who don’t have liquid Hive always, that’s the signal to start converting more HBD to Hive.
I’m honestly very disappointed in the reluctance we’re seeing in the alt coins too, especially Hive.
I look forward to more posts like these
As someone has said, maybe we need more buying pressure to eclipse the selling pressure. Maybe, just maybe it might be better. But generally alts don't move with BTC, so I'm not really expecting anything for now
Hive has a very big selling pressure and smaller buying pressure so it is a lot harder to see a decent rise in it's price.
This is true, especially because we've had a long bear and so many people have dumped their bags and moved on.
I’ve got people saying that it’s possible to reach $50k this year but I doubt it…
Max may be $45k
Also, I wonder why Hive is being slow to take actions, lol
Someone answered, because of the selling pressure
The end of year will probably look good on the crypto front, market sentiment is steadily rising as prices keep climbing.
I often wondered why Hive is late to bloom but now I can see that this can be a great thing when studying market patterns and making plans based on it.
Alts are late to bloom especially hive. I mostly feel that a lot of people are no longer waiting, they've given up, sold and moved on. Hive will eventually do better, I believe so.
The bear market was rough for many but glad that some stayed and are still in the game, planning ahead. I also think much better days are ahead for Hive, we just have to be patient about it.
It's the way of the alts. Hive has always been a late bloomer, but I think it should get better with time and people holding on to their stake.
It's always welcome news! I'm hoping to finish the year above 40K. Even lowly Doge Coin has moved up to 9.3 cents!
doge is now a powerhouse if you ask me. I think probably losing that meme coin tag to becoming a mainstay.
I do too, it's now 10.2 cents at the moment, up 13 percent!
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I think the bull market is being hyped a bit too much. Personally, I would like to see that BTC ETF get approved first. Then again, I don't know and it never hurts to start stacking up more crypto.
well, I'm with you, a bit of moderation isn't too bad, I think the ETFs will be inevitable, it's probably a matter of time and whatever trick the SEC has up their sleeves.
I don't know a thing about the bull market Jose, can you imagine ?.
The pro-BTC maximalists are indeed having a great time this period, and those fully into altcoins may be facing challenges as they haven't seen significant price increases in their investments. However, this shouldn't be a cause for concern. I believe that some altcoins, like Hive, may experience late bloom and could see a surge in value in the future too.
People didn't believe that it will go back to 42k so soon and people were waiting for 10k and they won't be able to buy it this time. If necessary, then a person will be able to earn profit from this market.