Web3 CEO Predicts Bitcoin Won’t Break from Range Until Next Year
Bitcoin is currently experiencing a stagnant price range, and according to the CEO of Web3 bond-market platform Umee, a compelling narrative is necessary for the cryptocurrency to break out of it.
Speaking to reporters, the CEO voiced his opinion that “Bitcoin needs a compelling narrative to break from its current range,” but added that such a narrative likely wouldn’t emerge before next year.
The cryptocurrency’s current price range has largely remained within the $30,000 to $40,000 range, and Web3’s CEO believes it will likely stay that way for the remainder of the year. However, he remains optimistic for next year, citing the potential for an increase in adoption.
While Bitcoin has seen a surge in popularity over the past year, it has also faced a number of challenges, such as increased regulatory scrutiny and concerns over its environmental impact. These factors have contributed to its current range-bound state.
Despite the challenges, the CEO believes that Bitcoin’s narrative as a decentralized, immutable, and secure asset will continue to attract investors. As more companies adopt Bitcoin as a form of payment, he predicts that the cryptocurrency’s value will increase even more.
However, until a compelling new narrative emerges, Bitcoin is likely to remain within its current price range for the foreseeable future.
As always, investors are urged to stay vigilant and informed before investing in cryptocurrencies.