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bitcoin hype
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Bitcoin Hype May Have “Passed,” But Is “Healthy” Before Pushing To New Highs

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin
Reading Time: 3 mins read
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Bitcoin price is well above $50,000, but there’s no denying that some of the momentum that the asset had to start the year has been lost. Volatility lowering also could suggest that the “hype run” might have “passed” for the time being.

But rather than see a sizable correction, Bitcoin price action could instead trade sideways a lot longer, which would be “healthy” before making a push to new record highs.

Disappearing Volatility Could Indicate Bitcoin Hype Has Died Down

The leading cryptocurrency by market cap has taken center stage in the world of finance during the ongoing pandemic. Unprecedented money printing to fund stimulus packages have made hyperinflation a reality, but turned the world’s attention to Bitcoin.

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Related Reading | Bitcoin Shakes Off Dollar Rebound But Beware Of Coming Bear Phase

As the money supply expands exponentially, the cryptocurrency’s supply remains capped at only 21 million BTC.  It has caused the price per coin to rocket from under $4,000 less than one year ago today, to as much as $58,000 at the current peak.

The uptrend has reignited interest in crypto as a whole, however, the “hype run” could be coming to an end, according to dwindling volatility.

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bitcoin volatility

Bitcoin volatility is disappearing as time goes on | Source: Arcane Research

Sideways Price Action Is “Healthy” Ahead Of New Bull Market Highs

The latest market report from Arcane Research calls attention to the fact that Bitcoin volatility – a trait the asset is notorious for – peaked in February along with the local high.

Since then, volatility has begun to wane, which the report claims “may indicate that the top of the ‘hype-driven’ Bitcoin run has passed.”

Peak crypto fever appears to have fizzled out after Elon Musk said the top coin seemed overvalued, which was right around when the BTC market cap surpassed $1 trillion for the first time.

Related Reading | Fund Manager Bashes Bitcoin: An Extreme Form of Libertarian Anarchism

The dollar is also beginning to awaken, and the stock market is showing signs of weakness that could put crypto at downside risk. But the report says that downside isn’t necessarily imminent.  Instead, Arcane Research revisits 2017, before the final push to the bull market peak began.

“Bitcoin spent almost half of the bull run in 2017 in a sideways trend, which is only healthy before pushing to new highs,” the report reads.

bitcoin sideways hype trend

Bitcoin could see a lot more sideways in the near future | Source: BTCUSD on TradingView.com

The chart above shows that there were at least three phases of sideways action before a move up occurred. Thus far, Bitcoin has only completed one of these phases, and is mid-way through another wave of consolidation.

If history repeats, the current sideways price action could go on a lot longer, and another similar trading range could be ahead before the final parabolic push.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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