Bitcoin price continued to decline after closing below $40,000. It even broke through and settled below the $39,200 support level.
The bulls appear to be attempting a major rally wave above $38,000 right now. Near the $39,000 level, there is immediate resistance. Below the $2,800 barrier, Ether has also developed bearish momentum.
It tested the $2,600 support level. The bears made two unsuccessful attempts to knock the stock below $2,600. As a result, the price of Ether started rising above $2,700.
Bitcoin “to the moon“not so soon?
Bitcoin (BTC) investors shouldn’t expect a quick trip “to the moon”, according to veteran trader Peter Brandt. Instead, they should prepare to be for the long haul.
Despite what other analysts may suggest, Brandt tells his 622,800 Twitter followers that BTC price corrections can be long.
“BTC – major highs and lengths to top them. Cheerleaders constantly beating the drums of “to the moon” are doing BTC investors a huge disservice… Long endurance, not constant hype, should be the message.
On Brandt’s Twitter post, MicroStrategy CEO Michael Saylor echoed a similar sentiment, likening the flagship cryptocurrency to a long run.
Long-term Bitcoin investors, according to Brandt, have outperformed it. A buy-and-hold approach beats my return, but it will pale in comparison if the Bitcoin bubble bursts.
I’m just saying that all this hype will wear people’s patience in the long run. Rather than exaggerating, we should warn people not to anticipate immediate results.
Bitcoin is currently trading at $39,068.70, inches above the important support level of $39,000, and has gained more than 2% in the past 24 hours.