If you follow the price of Bitcoin (BTC) you will have definitely noticed over the last few weeks that BTC has continued to hold a sideways position, and dropping from a high of around $12,000 USD back down to hold around the $8,000 mark.
Bitcoin trader and well known activist on Twitter “Crypto Michael” suggests that the longer the current sideways accumulation continues for BTC, the stronger the next Bull Run will be for the top ranked digital currency.
“If this was a real parabolic move, Bitcoin would already be back at $6,000 by now.
The longer we range and consolidate, the stronger that is -> re-accumulation.
And that’s actually quite bullish macrowise.”
So, the longer Bitcoin can resist the downward pressure and continues to consolidate, the more likely a very strong and swift uptrend becomes.
Currently the price of consolidation for Bitcoin is between $9,000 and $12,000.
Currently, we are in the fourth parabolic stage for Bitcoin, and the fourth in its history of its being. Usually, across the board for markets, as the market matures, their cycles ultimately become longer. Bitcoin up to this date has so far behaved in this way and in line with this rule of thumb.
It is expected that the price of Bitcoin will surge and we will be amidst the next bull run early next year, to come into line with the next halving event due to happen in Q1 of 2020.
Thomas Lee, Founder of Fundstrat Global Advisors and well known Bitcoin Bull argued that the $2,000 drop,
“Is not a bad thing,”
This is due to Bitcoin taking advantage of a wide consolidation pattern. Lee, who is frequently seen on CNBC and Bloomberg discussing Bitcoin and its patterns, noted that the cryptocurrency is still
“Overbought and needs to see weaker sentiment” prior to a move higher and to remain in a healthy territory.
How you can take advantage of the situation
Becoming a miner of digital currencies means you do not need to overly worry and stress about the dip in price of Bitcoin.
If you mine BTC, this means that no matter what the price, as long as people are buying and selling BTC, which is inevitable means you are still earning BTC.
Mining through NGS Crypto gives you that great advantage over the market. You are able to mine BTC, regardless of the price, and HODL your earnings for when the next Bull Run occurs.
It is a great situation to be in and one that is far less stressful.
By following the cycles with ease, and HODLing your coins, which are paid out daily into your NGS Crypto account, this gives you great range of motion and power in your decision making abilities when it comes to selling your BTC.