Bitcoin price action is once again dropping below $37,000, 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 $40,000 is likely to be the behavior with the most strength.
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Greetings @lupafilotaxy _
A very good analysis of the behavior and future movement of Bitcoin. I think without a doubt that the weak hands are the ones that cause the most damage to the price because of the nervousness they inject to the market, making a domino effect.
Thanks for sharing
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Greetings friend @lupafilotaxia, today the forecasts are fulfilled and the BTC returns to the area above 40k, well since yesterday reached that area, apparently recovering its accumulation zone, it is time to wait a few days to observe the behavior of the market, excellent analysis.
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The future for Bitcoin I believe is bright. What we see now may turn out in favour of the bold enough to hold on in a time like this.
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