RATE Group | Bitcoin Price Stability — A Bullish Or Bearish Sign?
45510
wp-singular,post-template-default,single,single-post,postid-45510,single-format-standard,wp-theme-bridge,wp-child-theme-bridge-child,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin Price Stability — A Bullish Or Bearish Sign?

13 Oct Bitcoin Price Stability — A Bullish Or Bearish Sign?

Posted at 16:51h in Bitcoin News by

[ad_1]

(Photo by Jaap Arriens/NurPhoto via Getty Images)

Bitcoin has demonstrated a remarkable stability in recent weeks. Since early September, it has traded in the range of $6000-$6500.

Fundamentally, price stability should be a bullish sign for Bitcoin. It should help its adoption rate in everyday transactions, and eventually push the price of the digital currency higher, given the tight supply.

David Drake, Founder and Chairman LDJ Capital, agrees, though for different reasons. “It is a bullish sign because right now more hedge funds are buying bitcoin than high net individuals and whales, and that intersection happened three weeks ago,” says Drake. “Consequently, more and more hedge funds will be buying bitcoin than whales because whales have gotten all the bitcoin they want so we are going to see a surge on crypto on the bitcoin side over the next two months.”

[Ed. note: Investing in cryptocoins or tokens is highly speculative and the market…

[ad_2]

Source link

Tags:
, , , , ,