Bitcoin Investors Face Exhausting Patience Test! According to Expert, It Could Continue 6 More Months If Fed Doesn't Stop! - COINTURK NEWS
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Bitcoin Investors Face Exhausting Patience Test! According to Expert, It Could Continue 6 More Months If Fed Doesn’t Stop!

2:04 pm (44 days ago)
August 14, 2023

Crypto analyst DonAlt, who anticipated the major upward breakout in the cryptocurrency market at the beginning of this year and stated that he made significant profits from this position, predicted that Bitcoin (BTC) could follow a calm course for a long time, testing the patience of investors.

Silence in Bitcoin and the Cryptocurrency Market Could Continue for Another 6 Months

Experienced crypto analyst DonAlt highlighted the significance of Bitcoin’s sluggish movement, despite the release of PayPal’s USD-backed stablecoin PYUSD during the recent strategy session. The analyst also added that even the high volatility in US exchanges is not enough to stimulate Bitcoin, saying:

PayPal’s announcement could have pushed the price up while the market was flat. PayPal just said, ‘Oh, we want to get into the stablecoin game.’ Even if Bitcoin had no connection with Ethereum (ETH) or other altcoins, only PayPal’s interest could have brought the market up by 10 percent, but that didn’t happen, and the SEC postponed the eagerly awaited ETF decision. Although it was not a surprise decision, there was no movement in the price. The candles burned on the daily timeframe show that there are quite limited movements of 1 or 2 percent, and Bitcoin is doing this despite S&P going crazy.

DonAlt believes that the low volatility condition in Bitcoin could continue for the next six months, subjecting crypto investors to a serious test of patience. The analyst expressed his expectation as follows: “The market is not moving, and it doesn’t seem like it wants to move. I can see this continuing for another six months.”

“To Increase Volatility, Fed Must End Its Tight Monetary Policy”

The analyst emphasized that the only thing that could increase volatility in Bitcoin and bring back the upward momentum is for the Fed to end its tight monetary policy, similar to what happened when central banks approached zero interest rates in response to the crisis caused by COVID in 2020, and he stated:

In my opinion, Bitcoin and the cryptocurrency market will continue to be boring for now. If you see a response from governments similar to the COVID crisis, you can open a significant long position, but it might be a bit difficult to have movement in the market until then. Actually, I am expecting a big show of power, and I want this power to be something specific to the cryptocurrency market.

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