In the short term, the latter part of this week, Bitcoin has been resilient – since we reported on six-month lows on Wednesday, the Bitcoin price has jumped back up over $7000 and repeatedly tested that barrier to bounce above it toward $7100 and change.
Reporting today from William Suberg at Cointelegraph shows mixed signals in the Bitcoin market.
“Bitcoin held on to $7,000 support on Dec. 20 as a major sentiment indicator revealed investors were still highly panicked by current price action,” Suberg writes.
Citing the Bitcoin ‘Fear and Greed Index’ a Thompson-esque derivative of investor sentiment in crypto, Suberg also suggests many investors are operating out of “extreme fear,” although some less fearful fellows are pumping up the coin for greater highs.
One example cited by Suberg is the individual behind the Twitter account Parabolic Trav, who Suberg describes as a “social media stalwart (who) suggested Bitcoin was ready to repeat its bull run from earlier in 2019.”
“I’m ready for parabola 2 of this bull run.” The zealous trader tweeted recently. “You?”
Then there’s Martin Young’s column at NewsBTC where the author posits Bitcoin is set up for a new bull rally, citing established support zones and growing institutional interest. This interest cited by the author includes more activity on the previously beleaguered Bakkt platform – over 6000 physically delivered Bakkt bitcoin futures traded by Christmas!
Others are looking further along to the BTC “halving” due to happen in the spring.
Cryptopotato has an interview with “the Pomp” where Anthony Pompliano, who needs no introduction to BTC heads, says this:
“The halving will be a big moment for Bitcoin. I don’t think that the price will shoot up the day after it, but I do think that from the day we are right now, we will see Bitcoin’s price at $100,000 by December 2021.”
So although there is widespread fear, there is also reason to believe that some of these guys may be onto something in terms of bullish sentiment long-term.
Regardless, it’s up to every individual investor to scan the market, scour the available research information and make a choice. Keep an eye on BTC as we speed toward Yule.
