• Bitcoin (BTC) could be in for a period of “boring” price action, warns a trader who caught the crypto rally earlier this year.
• Pseudonymous analyst DonAlt suggests that even the volatility in the stock market is not enough to drive BTC’s price action back to life.
• DonAlt believes that it may take another Covid-esque crisis for Bitcoin’s bullish momentum to return.
Bitcoin Could Witness ‘Boring’ Price Action for Long Period
A trader who rode the crypto breakout earlier this year warns that Bitcoin (BTC) could see muted price movements for an extended period of time. In a new strategy session, pseudonymous analyst DonAlt tells his 52,800 YouTube subscribers that Bitcoin barely moving despite the launch of PayPal’s dollar-backed stablecoin PYUSD is a telling sign.
PayPal’s Stablecoin Interest Not Enough to Drive Price Action
The crypto strategist adds that even the volatility in the stock market is not enough to bring BTC’s price action back to life. “The PayPal news, back when the market was trading decently, that would have pushed the price up. PayPal just being, ‘Oh, we want to get into the stablecoin game.’ It doesn’t really have to do anything with Bitcoin or ETH or any of the other coins, just that there’s interest from PayPal would have pushed the market like 10%. But that’s not happening, and then you get the ETF delay. It’s not necessarily a big surprise, but also no price movement…These daily candles literally like 1% or 2% moves and that’s Bitcoin when the S&P is trading like crazy.”
Muted Conditions Could Last 6 Months
DonAlt goes on to say that Bitcoin’s choppy conditions could last for the next six months. “The market is just not moving, and it doesn’t really look like it wants to anyway. I could see this continuing for the next half a year.”
Fed Response Needed To Restore Volatility & Bullish Momentum
The crypto analyst says that one thing that might restore Bitcoin’s volatility and bullish momentum is reversal of Federal Reserve’s tight monetary policies similar what happened in 2020 when central bank pushed interest rates close 0% response Covid crisis. “I think for now, it’s going to stay boring….If you see something like Covid-esque in a response from governments again..just giga long it again but until then..it’s little bit stretch..I want see big strength and crypto specific before I actually too interested because think trade done.”
Current Market Price Of BTC
At time writing ,Bitcoin worth $29248
