TradingView GM explains the rationale for Bitcoin’s bullish continuity

Following record highs of more than $ 24,000 a penny, Bitcoin (BTC) has consolidated, pulling back slightly in price. The asset may have stopped for the time being, but the future remains bullish according to TradingView’s general manager, Pierce Crosby.

“Right now, I’m seeing very long-term headwinds for Bitcoin,” Crosby said, adding:

“The recent performance may seem parabolic, but there are no short-term negative events that we expect. This creates a bullish base case on price. “

Bitcoin cracked its all-time 2017 price of $ 19,892 on Dec. 1, 2020 before withdrawing more than $ 1,000. After stabilization, BTC went on an anothe run, slamming through $ 20,000 and entering price discovery with no historical levels staying higher.

Since its latest surge past $ 24,000, crypto’s biggest asset has traded on the side over the past few days after a slight pullback. In the past, Bitcoin’s cooling periods have sometimes led to cash flowing into altcoins, creating a period of positive pricing for digital assets other than BTC. Crosby, however, remains uncertain about the alt scene.

“Altcoins I have less confidence in, especially as the rotation into ‘majors’ takes place,” he said. “Majors” refers to the share of cryptocurrencies that hold large caps on the market. “We could expect a rotation back to algae in the spring, but unfortunately for ‘alt lovers,’ Bitcoin is on a stronger base relatively speaking.”

MassMutual and MicroStrategy are two examples of mainstream financial entities jumping on the Bitcoin train, investing large amounts of capital.