As summer complacency wanes, the price of Bitcoin seems to have reached a temporary flat. Therefore, investors may need to prepare for a similar model in August. So, what kind of position is needed? Here’s what Investment advisor Ric Edelman had to say about the biggest cryptocurrency…
It’s time to increase positions in the leading cryptocurrency
According to Coin Metrics, the largest crypto by Market capitalization witnessed a significant increase of 12% in June. It is then estimated to finish July with a decline of about 3.5 percent. Last week, Bitcoin closed with a 1.9 percent decline. It posted its fifth consecutive weekly decline and worst performance since June 9. As reported by CoinGecko, historically, the third quarter has been the weakest period for Bitcoin. By 2014, the average earnings were only 4.67 percent. Only four out of nine quarters since Bitcoin’s inception have seen positive third-quarter growth.
Despite the recent downward trend, Bitcoin has increased by about 77% during the year. Therefore, it creates optimism among investors. Several factors, such as the recent XRP decision, crypto legislation moving through Congress, numerous Bitcoin ETF applications, and the upcoming Bitcoin halving scheduled for spring 2024, are fueling the potential rise for Bitcoin in the future. Ric Edelman, founder of Edelman Financial Engines, which manages $300 million, also pointed out these issues. He believes that these factors will significantly raise the price of Bitcoin in the next six months.
There is a pause in the short term
However parofix.com As we reported, Edelman expects more sluggish conditions in the market in the short term. With U.S. Securities and Exchange Commission Chairman Gary Gensler not expected to change his stance on crypto, and the SEC is unlikely to rule on Bitcoin ETF applications, he cautions that no major news is likely to emerge during this period. Congress is also not expected to enact any significant crypto-related legislation in the near future. Despite this “wait and see” approach, Edelman believes the signals for these developments are strong.
Looking back on July, the market initially had bright expectations as BlackRock applied to launch a spot Bitcoin ETF, bringing renewed hope to investors. In addition…
parofix.com
It’s time to increase positions in the leading cryptocurrency
According to Coin Metrics, the largest crypto by Market capitalization witnessed a significant increase of 12% in June. It is then estimated to finish July with a decline of about 3.5 percent. Last week, Bitcoin closed with a 1.9 percent decline. It posted its fifth consecutive weekly decline and worst performance since June 9. As reported by CoinGecko, historically, the third quarter has been the weakest period for Bitcoin. By 2014, the average earnings were only 4.67 percent. Only four out of nine quarters since Bitcoin’s inception have seen positive third-quarter growth.
Despite the recent downward trend, Bitcoin has increased by about 77% during the year. Therefore, it creates optimism among investors. Several factors, such as the recent XRP decision, crypto legislation moving through Congress, numerous Bitcoin ETF applications, and the upcoming Bitcoin halving scheduled for spring 2024, are fueling the potential rise for Bitcoin in the future. Ric Edelman, founder of Edelman Financial Engines, which manages $300 million, also pointed out these issues. He believes that these factors will significantly raise the price of Bitcoin in the next six months.
There is a pause in the short term
However parofix.com As we reported, Edelman expects more sluggish conditions in the market in the short term. With U.S. Securities and Exchange Commission Chairman Gary Gensler not expected to change his stance on crypto, and the SEC is unlikely to rule on Bitcoin ETF applications, he cautions that no major news is likely to emerge during this period. Congress is also not expected to enact any significant crypto-related legislation in the near future. Despite this “wait and see” approach, Edelman believes the signals for these developments are strong.
Looking back on July, the market initially had bright expectations as BlackRock applied to launch a spot Bitcoin ETF, bringing renewed hope to investors. In addition…
parofix.com
