Bitcoin price action is once again dropping below $97,000, behavior that has once again sparked a state of panic among small investors, because the price is supposedly returning to a downward channel pattern that bearish analysts have been predicting so far this year.
On the other hand, bullish analysts comment that a fairly discrete group of Bitcoin investors is expected to generate a new wave of strong demand for Bitcoin, who watch the stock market's net flow indicator, which tracks the amount of Bitcoins flowing in and out of cryptocurrency exchanges.
They have also pointed out that the participation of institutions in the Bitcoin network is systematically growing, which implies that Bitcoin can easily resume its upward channel.
From my perspective, I believe that Bitcoin is in an accumulation zone that is likely to be maintained during the months of the first quarter of this year, this if we ponder the positive actions that are around the crypto market, for example; Bitcoin surpassed American Express in transaction volume fact in itself that strengthens the development of the crypto market in the following months.
And even though, the crypto market in the last hours is again touching down channels, while traditional financial markets continue to experience higher volatility, it is to be expected that after the accumulation channel a move back above $100,000 is likely to be the behavior with the most strength.
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