Ryan Grace, the head of wallet developer tastycrypto, emphasized that Bitcoin’s volatile nature makes a 50% loss just as likely as a 200% gain. He suggested that, for Bitcoin believers, a prudent strategy would be to retain a nominal amount of the cryptocurrency indefinitely.
During a conversation with Coin Edition regarding Bitcoin’s recent volatility, Grace pointed out that on-chain analytics data indicated both whales and retail investors have been accumulating Bitcoin, a pattern often associated with upward price movement.
Grace, who co-hosts Crypto Concepts on tastylive, added that Bitcoin’s ascent beyond $35,000, supported by a positive Moving Average Convergence Divergence (MACD) and increased trading activity, indicates a sustained rally. He also mentioned that this surge coincides with the approaching Bitcoin halving event, less than 200 days away, and the growing likelihood of a spot Bitcoin Exchange-Traded Fund (ETF) approval, both of which reflect increasing investor confidence.
When discussing the possibility of Bitcoin price pullbacks, Grace acknowledged that such setbacks can happen unexpectedly, even though the current indicators align with a long-term bullish trend. However, he highlighted that the approval of a spot Bitcoin ETF would attract trillions of dollars managed by Registered Investment Advisors (RIAs), potentially keeping bearish trends in check.
Tim Zinin, the founder of Botanica School, a crypto educational platform dedicated to bridging the knowledge gap in the digital assets domain, likened predicting Bitcoin’s price to forecasting the weather in a storm. However, he echoed a common adage in the crypto industry: the best time to buy Bitcoin was yesterday, and the second best time is now.
Yesterday, Bitcoin bulls made a resurgence, propelling BTC above the $35,000 resistance level. This move resulted in a bullish candle on the daily chart, which opened at $34,667 and closed at $35,440, according to TradingView data. The flagship cryptocurrency’s outlook remains optimistic as it continues to trade at the upper end of the range formed during the recent 30% rally.
