Long time sideways
Since months now we are running sideways within crypto. Bitcoin as leading asset has risen significantly from its cyclical low at $15k but it’s trading now since many weeks between 25-31k. Currently we are at 26,5k. And if we look at the volume we can see a big drop since spring this year.
If we look at Hive the situation is not the exact same but has some parallels. We are above the cyclical low at 24 Cents but not much, currently Hive is trading at 28 Cents. We have been quite a bit higher in between but Hive has sold off significantly since the 40 Cents we saw in summer. So Hive is showing relative weakness compared to Bitcoin in the current phase.
Some thoughts on it
A lot of investors are getting a bit frustrated. When is the next wave? When will we break out of this exhausting sideways movement? Hasn’t there been enough good news lately about Bitcoin ETFs, XRP winning law suits against SEC or Presidential Candidates in the US being Pro Bitcoin?! Well, yeah. There have been quite some good news BUT that was mainly interim results, efforts and announcements. That’s different from results. NO Spot ETF has been approved yet. NO real clarity yet regarding regulation and NO „back to normal“ regarding inflation.
In my view it’s just a matter of time when we will see the next wave. Right now we are still in the accumulating phase for investors, who believe in Bitcoin and Crypto in general. This is a good time to stack some more coins and I am doing this personally with DCA. We need the broad masses amd the institutionals to come back and bring fresh liquidity into the market which is at the moment kind of drying out. The tide is low but it will rise again. For Bitcoin and certainly also for Hive.
What is your frustration level at the moment? Or are you rather relaxed and calm about the current market stage?
