If Bitcoin doesn't break record highs right away, it wouldn't be the worst thing, trader posits

If Bitcoin doesn't break record highs right away, it wouldn't be the worst thing, trader posits


Trading sideways for a while could be healthy for Bitcoin.

After its rise past $40,000, and a correction back to nearly $30,000, Bitcoin (BTC) has rebounded once again. Stalling before jumping back up past highs near $42,000 could be good for the asset, however, according to Brian Krogsgard, a trader and podcaster going by the name LedgerStatus on Twitter. 

“Bitcoin’s correction was healthy in a strong bullish environment, mean reverting back to the 20 day moving average,” Krogsgard told Cointelegraph on Thursday. “With a strong bounce now, it is time to see if it will immediately continue upward, or spend longer in prolonged consolidation, which I believe would be healthy.”

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Bitcoin barely surpassed $40,000 on Thursday morning before retracing slightly, falling back into the $39,000 range, according to TradingView.com data at time of publication.

Surpassing the $36,000 mark was an important move for the asset, according to comments from CryptoWendyO, a trader and analyst on Twitter. “Unless we reclaim $36,000

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