Bitcoin’s price has risen 13% in the past seven days. It had even risen above $24,000 yesterday, before news broke that Tesla in June sold 75% of the BTC it still had in its possession.
The price of Bitcoin is up slightly
Until last week, the price was still below $20,000, but starting on 14 July it began a short but significant rise.
This dynamic seems to have dispelled the hypothesis that the price could soon fall again, perhaps to $13,000.
This is a hypothesis that has been circulating quite a bit in recent weeks, ever since 18 June when the price took a brief nosedive below $18,000.
Actually, a month ago there were many analysts arguing that the price would continue to fall, specifically calling for $13,000 as the threshold to keep a close eye on.
This was not the case, and after nearly a month of swinging around the $20,000 mark, a brief but significant upswing was triggered starting last week that seems to have momentarily wiped out the more bearish short-term forecasts.
Excluding the first collapse triggered in mid-November last year, after reaching a new all-time high, and ending in late January with the price dropping below $35,000, two further collapses occurred thereafter.
The first, around mid-May, due to the implosion of the Terra ecosystem, and the second around mid-June due to the failures of Celsius, Voyager and 3AC.
The curious thing is that also last year there were two sharp declines around mid-May and mid-June, but after a brief rebound, the decline continued into July.
In contrast, after the two drops 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 downward 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 of lateralization as it has been over the past month, or even of further decline, but at this time many pessimistic predictions about the short-term seem to have been set aside.
Moreover, the phase of Bitcoin’s price stagnation below the so-called realized price, which began on 13 June, seemed to have come to a halt yesterday, before the drop due to the news of Tesla’s sales. If so, it would have lasted just over a month, whereas, 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 further declines.
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