What Should Be the Bitcoin Trading Strategy for This Week: Sell or Buy?

With just 16 days left for the Bitcoin halving, the pre-halving rally appears to have settled as the price has triggered a fresh descending trend. The rising upward pressure has initiated some panic selling, but on the other hand, some of them do believe it could be a great time to accumulate. Considering the recent BTC price action, it appears that the price is at the foothill of a major expansion and as a result, buying Bitcoin at a discount could be a good idea. 

Meanwhile, the technicals suggest there is more scope for the price to go lower, which may raise bearish alarms. Hence, at this stage, is it a good idea to jump into a new trade or sell the existing ones?

The BTC price appears to have entered a phase of calmness after orbiting around $70,000 constantly. Moreover, the Bollinger bands also suggest minimal fluctuations, which indicates a period of stability ahead. However, the levels at $73,700 and $62,500 remain extremely important for the token, as a breach of either of them may suggest the next price action for the token. 

Also Read : Why Are Crypto Markets Down Today: Is It Pointing to a Massive Crash? Here’s What You Should Know!

Amid the rising dilemma of whether to buy or sell Bitcoin, a popular analyst, Scott Melker, in his new update, pushes a bullish narrative. As per the analyst, more than $1 trillion is expected to flood in with huge institutions like the Bank of America that might step into the crypto markets. 

He says, “Strong rumours that both Bank of America and Merrill Lynch will be opening the doors to bitcoin spot ETFs to their clients in the coming months,” 

“That’s a drop in the bucket to what is coming,” he continues, “Why? Because most (individual retirement accounts) and institutions have not even yet unlocked access to these Bitcoin spot ETFs for themselves or their clients.”

This inflow of more than $1 trillion may have a significant long-term impact on the BTC price, given that the asset already has a market capitalization of more than a trillion. Therefore, there are fewer reasons to be bearish on Bitcoin but a lot more to be bullish. Gold and Bitcoin both recorded their Q1 close with corrections, while the S&P 500 appears strong enough. Now that the gold prices are touching the skies, the crypto markets, specifically the Bitcoin price, may also follow the rally.