- bItcoin’s price dynamics and historical patterns evoke hope and fear among investors.
- Despite criticism, BTC’s resilience and the support of key figures confirm its investment potential.
After changing hands for $64K, Bitcoin [BTC]At the time of writing, the stock was trading at $63,000. These frequent shifts in price dynamics have naturally raised both hope and fear among investors.
However, as usual, Anthony Pomplianoa well-known Bitcoin maximalist, said in a recent conversation with “Squawk Box” CNBC:
“Don’t be lulled to sleep by Bitcoin going sideways. The long-term thesis is as strong as ever.”
Where does history lead you?
Pompliano also noted that historically there has been a pattern where Bitcoin’s price rises leading up to the halving, then experiences a smaller increase or even a decline shortly afterwards. He said,
“I think the halving of the price is exactly what we should have expected. Historically, it rises about 19% per month before the halving, and then it only rises about 1 or 2% in the month after the halving.”
Adding to the conflict, Layah Heilpern said:
Source: Layah Heilpern/X
This highlighted that success in the world of cryptocurrencies often depends more on staying invested in the market for the long term than on trying to predict the perfect time to buy or sell assets.
Should you buy or sell BTC?
All this brings us to a question: is Bitcoin a good investment option?
Chris Pan, a commencement speaker from Ohio State, commented on this, in one instance suggesting that people should buy BTC to protect their purchasing power. He said,
“I see Bitcoin as the very misunderstood asset class.”
This was further confirmed by AMBCrypto’s view of The Block’s on-chain analysis, which showed a clear upward trend in Bitcoin’s daily transaction volume, indicating bullish sentiment.
Source: Het Blok
However, Jim Kramer didn’t mince his words, snapped,
“There is underperformance. What has Bitcoin ever done for humanity?”
Echoing similar sentiments, Twitter user Vivek4real added,
“Time to Sell Bitcoin for CBDCs.”
Bitcoin stands strong amid critical waves
Despite such criticism, Pompliano was still adamant in his position, as he claimed:
“While Bitcoin is volatile from day to day, the 200-day moving average just hit an all-time high by crossing $50,000 for the first time.”
So it is challenging to predict whether BTC will reach a new all-time high or hit a bottom.
However, regardless of market dynamics, it is interesting to observe Bitcoin’s resilience and upward trend amid short-term fluctuations.