saw a strong bullish move on 15 April after the release of CPI numbers proved more favorable than expected. At press time, Bitcoin was trading just under $66k on the charts. However, it has been in a retracement phase since mid-March and is yet to beat the $66.9k high resistance formed a month ago.
Over the past 4-6 weeks, the bullish momentum has stalled, and fears of a deeper retracement have taken root. Bitcoin ETFs also saw nil or negative flows while speculative interest dwindled. In fact, fears of a miner sell-off were strong too.pointed out that we have not seen “true and rapid growth” for Bitcoin this market cycle. In previous cycles, whenever Bitcoin did experience this, they were marked in orange.
The quarterly price performance chart revealed periods where close to 75% gains were noted, but the bulls were unable to push beyond that. We have already seen Bitcoin breach its all-time high without going through hyper-growth, which makes for an extremely bullish scenario in the coming months. The triple-tap on the 75% mark resembled the one from 2017. It is not guaranteed that we will have such a phase of growth, nor that it will last for months together like it did in previous cycles. However, investors must remember that the current cycle is likely young, and panic due to the scenarios outlined might seem trivial in a few months.outlined some reasons why he believes it is “hard not to see a bleak vision for Bitcoin.
Bitcoiners are too busy squabbling one another to battle against regulatory peril, he finally warned. Ergo, it will be interesting to see where BTC ends up after a few years.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.