Bitcoin has seen its fair share of ups and down in recent times. In between December 2018 to March 31, 2019 Bitcoin traded in tight consolidation before rallying 25 per cent up early in April.
At a position when Bitcoin is at a stagnant stage, traders are looking to utilise and build long and strong positions to profit when Bitcoin finally moves. A trader reportedly said that it may be unwise, saying that it may actually be best for market participants to sit this price action out.
It might be a toss up to see which Bitcoin will finally break from this consolidation.From analyst to analyst and indicator to indicator, there are countless mixed signals at the moment.
“Nobody knows how this will end but remember, sometimes no position is the best position,” a trader recently said.
The analysts in the industry have made similar comments with a trader saying that until Bitcoin breaks out of the current range of $8,900 to $9,900, he will not trade BTC.
According to the CEO of Bitcoin mining startup Blockware Mining, Matt D’Souza, accumulation should be the game BTC investors are playing. In June, D”Souza, also a fund manager in the industry, said:
“I continue to receive DMs & ?s of “when is bitcoin going to take off.” No one knows a date nor should focus on that. Buying at $8500 vs $9300 has 0 relevance when the objective should be capturing a market cycle over the next 18-36 months that could print $20,000, $50,000 or $100,000+.”
Meanwhile, data indicates that investors are doing so.