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Bitcoin will continue to rally despite the correction

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Bitcoin: The long-awaited correction

Bitcoin will continue to rally despite the correction

Bitcoin will continue to rally despite the correction
CONTENT

  • Whales have activated for a local dump of the bitcoin price, but they will not have enough strength to change the trend

  • The bullish rally will continue even after a short-term pullback, according to CryptoQuant

  • Earlier, Tyler Winklevoss, founder of Gemini crypto exchange, predicted the upcoming rally

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A correction will soon begin in the cryptocurrency market, but even it will not be able to prevent a long bullish trend, according to CryptoQuant

Bitcoin will continue to rally despite the correction

Cryptocurrency whales intensified when bitcoin reached $ 13,000. However, even the upcoming correction will not be able to prevent the largest cryptocurrency from continuing its victorious growth. At least that’s what the analytic service CryptoQuant thinks..

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According to the published schedule, bitcoin whales are starting to make deposits on cryptocurrency exchanges in order to dump the price of the cryptocurrency, which is fixed at the level of $ 12,816 – $ 12,885.

Source: cryptoquant.com

Despite the increase in the average daily inflow of assets to cryptocurrency exchanges, this is not yet enough to collapse the price of the largest cryptocurrency by capitalization, since the whale activity rate is still low, CryptoQuant notes.

Bitcoin will continue to rally despite the correction

Source: cryptoquant.com

The news about the acceptance of cryptocurrencies in PayPal almost immediately affected the activity of market trading, I will push the price of BTC to $ 13,184. Despite the fact that the cryptocurrency has already managed to roll back slightly, many in the cryptocurrency market believe that the rally will continue further.

Hoping for the best

The founder of the Gemini cryptocurrency exchange, Tyler Winklevoss, expects that by the end of the year, bitcoin will expect at least another wave of growth if the US authorities adopt a package of financial stimulus measures for the national economy in the amount of $ 1.8 trillion. In one of his tweets, Tyler has already called this package “an advertising campaign for bitcoin” that can throw the cryptocurrency rate “to the moon”.

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The current stability of bitcoin signals the “maturation” of the asset, which is characterized by high volatility. The AAX cryptocurrency exchange, for example, believes that previous Bitcoin pullbacks from the highs were accompanied by a strong fall, so investors did not consider this asset a full-fledged hedging instrument against market fluctuations..

“However, we are now getting signs that it is stabilizing.”.

By forming another massive bullish engulfing candlestick, bitcoin gave the market hope that the levels it had reached would be maintained. You can find out in more detail where the bitcoin rate will go in the short term in a special editorial material.

At the time of this writing, the price of BTC / USDT is $ 12,960.

Bitcoin will continue to rally despite the correction

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