Bitcoin exhibits fortitude amongst cryptos

With the price of Bitcoin now hovering above $30,000 once again the coin that gave birth to a revolution is showing its staying power and ability to weather bear markets better than most cryptos out there.

Although our current prognosis is that BTC will likely trade sideways in the short term, that should not be perceived as a negative. In short, Bitcoin simply continuing to do its thing is a positive aspect for the coin. The price may be up or down on the day, the week, or the month as long as price remains above the low of the previous parabolic move, we can call that progression towards what many BTC bulls are visioning the future to look like. That picture contains in it a larger adoption base, more practical uses and price stability overtime.

For me Bitcoin could fall to $5,000 and still be bullish long term. The main thing I look for is a bottom in price above the last bottom, regardless of the highs. For instance, in 2018 when BTC hit a low of approximately $3,000 dollars it was still higher than the previous bottom of around $250 reached in 2015. Once more in March of 2020 when Covid brought havoc amongst all financial markets Bitcoin’s bottom was $3,500, so $500 higher than the bottom before that.

Another factor that bodes well for Bitcoin’s longevity is how its dominance has been on the rise recently. Although its to early to say for sure it does seem that BTC dominance is having a comeback, or that Bitcoin simply is held onto through bear markets rather than sold off compared to other coins.