{"id":154654,"date":"2021-01-14T21:26:30","date_gmt":"2021-01-14T18:26:30","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/if-bitcoin-doesnt-break-record-highs-right-away-it-wouldnt-be-the-worst-thing-trader-posits\/"},"modified":"2021-01-14T21:26:30","modified_gmt":"2021-01-14T18:26:30","slug":"if-bitcoin-doesnt-break-record-highs-right-away-it-wouldnt-be-the-worst-thing-trader-posits","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/if-bitcoin-doesnt-break-record-highs-right-away-it-wouldnt-be-the-worst-thing-trader-posits\/","title":{"rendered":"# If Bitcoin doesn’t break record highs right away, it wouldn’t be the worst thing, trader posits"},"content":{"rendered":"

“# If Bitcoin doesn’t break record highs right away, it wouldn’t be the worst thing, trader posits <\/strong>”<\/p>\n

After its rise past $40,000, and\u00a0a correction back to nearly $30,000, Bitcoin (BTC) has rebounded once again. Stalling before jumping back up past highs near $42,000 could be good for the asset, however, according to Brian Krogsgard, a trader and podcaster going by the name LedgerStatus on Twitter<\/a>.\u00a0<\/p>\n

\u201cBitcoin’s correction was healthy in a strong bullish environment, mean reverting back to the 20 day moving average,\u201d Krogsgard told Cointelegraph on Thursday. \u201cWith a strong bounce now, it is time to see if it will immediately continue upward, or spend longer in prolonged consolidation, which I believe would be healthy.\u201d<\/p>\n

Bitcoin barely surpassed $40,000 on Thursday morning before retracing<\/a> slightly, falling back into the $39,000 range, according to TradingView.com data at time of publication. <\/p>\n

Surpassing the $36,000 mark was an important move for the asset, according to comments from CryptoWendyO, a trader and analyst on Twitter. \u201cUnless we reclaim $36,000 I am not ruling out a further drop,\u201d she told Cointelegraph on Jan. 12, before Bitcoin\u2019s recovery past the level. The asset recently pushed past $36,000 with conviction. Bitcoin\u2019s 4-hour price chart now shows a higher low.<\/p>\n

Source: TradingView.com<\/em><\/figcaption><\/figure>\n

Updated commentary from CryptoWendyO shows bullishness on price at present. She told Cointelegraph on Thursday:<\/p>\n

“Bitcoin has experienced an amazing rebound at my ~$34,200 support box after that gnarly ~25% drop. I myself am in disbelief however the fundamental of 2020\/2021 are different then prior Bitcoin history, currently I believe we will continue to rise and am expecting to flip $42,000 and go on a similar run after we experienced drop on 1\/7\/2021 from ~$34,200 to ~$28,000 to test ~$48,000.”<\/p><\/blockquote>\n

Regarding recent price action, Krogsgard sees a correlation to one of the mainstream market’s Bitcoin products. \u201cIt app<\/a>ears the GBTC’s closing and re-opening for deposits had a real impact on demand for coins, as the re-opening of their market marked the bottom,\u201d Krogsgard posited. \u201cI believe we’ll continue to see institutional demand on any dips.\u201d<\/p>\n

Run by Grayscale, GBTC is essentially the stock form of Bitcoin, with each share backed by a fraction of one Bitcoin. The company put BTC trust investments on hold back in December and reopened them this month.<\/p>\n