Software developer and cryptocurrency enthusiast (Vijay Boyapati) believes that the growth rate of Bitcoin is just beginning, and its new tops shock everyone.
According to Boyapati, the growth rate of the first cryptocurrency always starts rather slowly, but then accelerates and becomes parabolic. He stressed that investors need to look at previous bitcoin price fluctuations in order to be ready.
“The bull market begins rather slowly – many people want to sell an asset at least at the same price they bought it and go to Fiat. There are also whales who have bought at the top and now want to get rid of their positions. Before a powerful breakthrough, there is an accumulation stage, when traders who are confident of the growth of Bitcoin buy, ”said Boyapati.
The analyst noted that positive news is not particularly important in the bear market, and the bull market is not particularly distracted by negative events. At the same time, as soon as the course of Bitcoin exceeds its previous peaks, the price will be “free floating” and may shock the public.
“There will be moments of correction, when traders will consider that this was the top. Previously, such erroneous vertices called the $ 5,000, $ 9,000 and $ 15,000 marks. In this cycle, all this will happen again. Signs of the end of growth will be “laziness” of the market, large spreads, price jumps on various exchanges and closing of trades on the sites, ”Boyapati said.
“In this growth cycle, bitcoin will become a geopolitical value, so everyone will look at it. The hype will be indescribable, ”he concluded.
Note that according to Thomas Lee, co-founder of Fundstrat Global Advisors, the rise in Bitcoin will be due to FOMO syndrome and the price of the first cryptocurrency will reach $ 40,000 in several months.