TL; DR Breakdown
- Bitcoin has broken past the resistance at $35k
- The market is bullish
- Investor advises people to hold for long term
Bitcoin is scoring major gains of late. The crypto’s price seems to have pulled back from a worrisome drift to the bear camp and switched to the bullish movement just in time to fuel a new bullish sentiment in the industry. Interestingly, there are those like analyst Willy who foresaw this well before it even started.
Now, other Bitcoin fans and investors are joining in the bullish wagon, with the latest focus being on this week. Trader Michael van Poppe is confident that BTC will see a serious pump this week.
Bitcoin past $35k
Michael’s sentiments follow an earlier opinion that Bitcoin would soon break through the $35k resistance. Notably, this was on June 28th when BTC was trading at around $34k. The trader also predicted the change in the market sentiment as the top coin battled for freedom from the bear camp.
He said that if BTC managed to cross the resistance level, the sentiments would quickly flip from bearish to bullish. Judging from the current market atmosphere, he may well have been spot on in his assessment.
According to another investor, Pompliano, the market has suddenly switched from last week’s ultra bearish sentiments to the current bullish atmosphere.
Focus on the long term
Pompliano attributed the earlier bearish mayhem to the false noise by bad actors aimed at playing with people’s emotions and influencing their decisions. As a matter of fact, many people chickened out of the seemingly bearish heat and sold out, and they’re now in regret as the market turns bullish. Others shied away from buying the dip as they were afraid that bears would continue to trounce Bitcoin.
The investor goes ahead to give Bitcoin fans one major lesson – get into it for the long term. This opinion makes sense in that people who bought at $60k and rushed to sell off at under $35k amid FUD are currently in heavy losses, while those who bought at the same $60k and still holding stand a chance to make returns when the crypto flips up in the next bull cycle. At the time of this writing, Bitcoin is trading at around $36, 354, with a 24-hour price increase of 5%.