In a post on
While some have predicted that Bitcoin may decline and find support anywhere in between 32 thousand dollars to $38k markTimmer expects recent gains to consolidate.
“The short-term question is whether this is a sell-the-news moment. I think it will take some time to consolidate the recent gains, now that the big moment has arrived,” Timmer posted on X. More than a few participants “settled” spot positions futures market either through the futures market or bitcoin-sensitive stocks.”
According to Trimmer, the current price of Bitcoin is reasonable and influenced by how much its network grows and the actual interest rates in the economy and the long-term prospects look bright.
“Will this be a new chapter toward widespread adoption of Bitcoin as a commodity currency?” Timmer posted. “It looks that way, although it may take some time to get there.”
While the rally has stalled, many asset managers, according to Timer, still have large net long positions in the bitcoin futures market.
while, Recently reported on CoinDesk For the first time ever, Bitcoin’s 50-week simple moving average crossed above its 200-week average.
This event is known as a “golden cross,” which indicates a long-term bull market, although its predictive accuracy is debated among traders.