The price of Bitcoin has risen 13% in the last seven days. It had even exceeded $24,000 yesterday, before it came out news that Tesla sold in June 75% of the BTC it still had in its possession.
Bitcoin price has risen slightly
Until last week, the price was still below $20,000, but starting on July 14, it began a brief but significant rise. This dynamic seems to have dispelled the hypothesis that the price could drop again soon, perhaps to $13,000. This is a hypothesis that has been circulating quite a bit in recent weeks, since June 18 when the price plummeted under $18,000. In fact, a month ago there were many analysts arguing that the price would continue to fall, specifically calling for $13,000 as the threshold to watch. This was not the case, and after almost a month of hovering around the $20,000 mark, a brief but significant rally was triggered from last week that seems to have momentarily erased the short-term forecasts more bearish. Excluding the first crash triggered in mid-November last year, after reaching a new all-time high and ending in late January with the price falling below $35,000, there have been two more crashes since then. The first, towards the middle of May, by the implosion of the Terra ecosystemand the second, around mid-June, due to failures of Celsius, Voyager Y 3AC. The funny thing is that also last year there were two strong drops towards mid-May and mid-June, but after a brief rebound, the fall continued until July. On the other hand, after the two falls in mid-May and mid-June this year, another one has not been triggered in July.
What will come next: rise, lateralization or fall?
The price of BTC has often gone up during the month of August, not only last year but also in previous years. This is leading many investors to believe that the bearish phase that began in mid-May may be over. It is difficult to say whether the new phase that will be triggered will be one of growth, or sideways as it has been for the last month, or even further decline, but at this point many doomsday predictions about the short term seem to have been pushed aside. Furthermore, the phase of Bitcoin price stalling below the so-called realized price, which began on June 13, seemed to have stopped yesterday, before the plunge on the Tesla sales news. If so, it would have lasted just over a month, while, for example, the one in 2018 lasted almost four and a half months. In light of this, it is possible to say that the phase that began before mid-May with the implosion of the Terra ecosystem seems to have come to an end, and that the new one will not necessarily lead to new falls.