Charles Edwards of Capriole Investments warns investors about Bitcoin’s ability to bore. According to Edwards, this is a phase that is psychologically difficult for investors, because Bitcoin’s sideways price action makes them think that the party is over.
Mega rally coming for Bitcoin?
Ultimately, Charles Edwards expects this “boring phase” for Bitcoin to end in a mega rally. Unfortunately, he says, many investors will miss it because they exited out of boredom.
Popular on-chain analyst Checkmate completely agrees. “Charles is exactly right in my opinion,” https://twitter.com/_Checkmatey_/status/1788658713328586841 Checkmate.
He describes Bitcoin’s current phase as “chop consolidation” which is a combination of “choppy” and “consolidation”, indicating that the price is currently erratic and mainly moving sideways.
“Chop consolidation often lasts just long enough for people to get bored, walk away and miss the rest of the uptrend,” Checkmate further writes.
By the way, the summer months are often less popular for Bitcoin. Price action tends to pick up again towards the end of the year, which will likely put the focus on Q3-Q4 2024 for investors.
So enjoy the summer for a while and then take up the races again, that is Checkmate’s advice.
Important period approaching
Yet an important period seems to have arrived for the Bitcoin price. Inflation has skyrocketed in the United States in recent months, forcing the central bank to continue delaying interest rate cuts.
Now we suddenly see some weakness in the labor market and there is suddenly optimism again about quick(er) interest rate cuts, causing prices to rise somewhat.
In that respect, next Wednesday could be very important for the Bitcoin price, when we will receive a new consumer price index (CPI) reading from America.
If it turns out to be lower than expected, the Bitcoin price could rebound considerably. This means that it does not necessarily have to be a boring summer.
Trade €10,000 for free and get a 10 euro bonus
Do you want to enter the crypto world and perhaps buy Bitcoin or another crypto? Then grab your chance now with this exclusive offer! Thanks to a special deal between Newsbit and Bitvavo, one of the most accessible and user-friendly crypto exchanges in Europe, our readers receive an exclusive offer.
Create an account with Bitvavo via the button below and receive a welcome gift of 10 euros completely free. And that’s not all – you also don’t pay trading fees on your first 10,000 euros in transactions. Register now!
