Expert Analysis: Bitcoin Might Not Face Correction Soon

TradingView manager Pierce Crosby has suggested that Bitcoin price might remain bullish despite the concerns of a pull-back following the recent surge to hit a record high.

As Bitcoin surged last weekend to bag a new all-time-high of over $24,000 USD per token, there are fears that it might face a sell-off from traders looking to profit, resulting in a drop in price. However, Crosby foresees that the cryptocurrency s price will continue on a bullish trajectory to head upwards:

“Right now, I see very near-term headwinds for Bitcoin… The performance recently may seem parabolic, but there are no near-term negative events we expect. This makes for a bullish base case on price.”

The case for a bullish Bitcoin

Bitcoin has been steadily gaining value over the past year, adjusting to the struggling fiat market. With the US dollar battling to gain and maintain strength, the cryptocurrency industry has become a popular hedge asset. Bitcoin price surged to crack a record high at the beginning of December to crack $20,000 USD and two weeks later it exploded to reach yet another record high of $24,000 USD. Although these levels are unprecedented and the price of Bitcoin could go in any direction, Crosby believes that it will continue heading up.

Uncertainty about the altcoin market

While Crosby might be bullish about Bitcoin, the TradingView general manager is uncertain about what altcoins might do. This, referring to the leading altcoins in the cryptocurrency market as well as the ones with a smaller market cap. He suggested that Bitcoin is in a strong place but is not so certain about the “majors” (the leading altcoins) offering:

“Altcoins I have less confidence in, especially as the rotation into ‘majors’ happens. We could expect a rotation back to alts in the spring, but unfortunately for ‘alt lovers,’ Bitcoin is on a stronger footing relatively speaking.”