Bitcoin’s Price Trajectory
As Bitcoin hovers near its all-time high, experts are eager to predict its next major move. Alex Thorn, a research expert, believes we’re about to “climb the wall of worry.”
Historical Parallels
In 2020, Bitcoin faced resistance near its previous all-time high of $20,000. It took several attempts before it finally broke through. Thorn suggests a similar pattern may occur this time.
The “Wall of Worry”
Thorn identifies a “wall of worry” that Bitcoin must overcome. This includes periods of price drops and uncertainty. Since January 2017, Bitcoin has experienced numerous drawdowns of over 12%.
Old Coins and Market Sentiment
Long-held Bitcoin (old coins) are being sold, contributing to price volatility. However, Thorn notes that this is a common occurrence during bull markets.
ETF Inflows
The recent surge in Bitcoin ETF inflows indicates growing interest and confidence in the cryptocurrency.
Thorn’s Bullish Outlook
Thorn remains optimistic about Bitcoin’s future. He believes the current price dynamics are typical of bull markets. Despite the recent pullback, he expects Bitcoin to continue its upward trend.
Conclusion
Thorn’s analysis suggests that Bitcoin is poised for a breakout after a period of consolidation. He advises investors to “buckle up” for the journey ahead.
