Bitcoin’s price continued to fall after closing below $40,000. It even broke through and settled below the $39,200 support level.
The bulls appear to be attempting a major recovery wave above $38,000 right now. Near the $39,000 level, there is immediate resistance. Below the $2,800 barrier, Ether has also developed bearish momentum.
It tested the $2,600 level of support. The bears made two unsuccessful attempts to knock the stock below $2,600. As a result, the price of ether began to rise above $2,700.
Bitcoin “to the moon” not so soon?
Bitcoin (BTC) investors should not expect a speedy “to the moon” ride, according to veteran trader Peter Brandt. Instead, they should prepare to be in for the long haul.
Despite what other analysts may suggest, Brandt tells his 622,800 Twitter followers that BTC price corrections can be lengthy.
“BTC – major highs and length to exceed them. Cheerleaders who constantly beat the drums of ‘to the moon’ are doing a huge disservice to BTC investors… Long endurance, not constant hype, should be the message.”
On Brandt’s Twitter post, MicroStrategy CEO Michael Saylor repeats a similar sentiment, comparing the flagship cryptocurrency to a long race.
Long-term Bitcoin investors, according to Brandt, have outperformed him. A buy-and-hold approach beats my return, but it will pale in comparison if the Bitcoin bubble bursts.
I’m only stating that all of the hoopla will exhaust people’s patience in the long run. Rather than exaggerating, we should warn people not to anticipate immediate results.
Bitcoin is currently trading at $39,068.70, just inches above the important support level of $39,000, and has gained more than 2 percent in the last 24 hours.