Crypto VC says Bitcoin must consolidate if it is to hit $100,000 in the near future
BTC $41,165 (+5.2%) • ETH $1220 (-3.3%) • LTC $173 (-1.1%)
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Bitcoin, Ethereum, and other cryptocurrencies have undergone remarkably strong rallies over recent days and weeks.
In the past seven days alone, BTC gained 30 percent against the U.S. dollar while ETH gained 60.6 percent.
Bitcoin is expected to continue its ascent as long as the U.S. dollar continues to drop and as institutional capital cycles from gold and other asset classes into BTC.
However, a leading venture capitalist in the crypto space has argued that the market is getting overbought and is ripe to consolidate or correct in the near term. This consolidation or even correction will be healthy for the long-term trajectory of this bull market, he explains.
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