Will Bitcoin Price Recover?
The crypto industry has seen some turmoil in the past few months, resulting in a drop in the price and valuation of assets in the ecosystem. Bitcoin (BTC) was at the forefront of each of these fundamental swings, and no later than when China revived its crackdown on all crypto-related activity, the price of BTC was pushed to a low of $ 39,787.61. Many people are interested in whether the Bitcoin price will recover.
Will Bitcoin Price Recover?
There’s no denying that the volatility of the top coin by market cap – Bitcoin – is a roller coaster ride. Since May 12, Tahatj BTC has rarely touched above 50,000. However, when China’s repression returned recently, it picked up momentum.
Many private investors used the fall in prices to “buy-in”. This statement is further confirmed by data from Glassnode, a market analysis platform for cryptocurrencies. According to common knowledge, the number of Bitcoin addresses with at least 0.1 coins (approx. 4,261.43 USD) has risen to a 4-month high of 3,246,533. In other words, the recent drop in prices has led more people to hoard their wealth. Among them, some are the first and others aim to grow their portfolios.
And will the Bitcoin price recover?
Many Bitcoin optimists often predict phases of price declines in order to take new positions in Bitcoin. While many others begin to accept altcoins with single fundamentals, corrective phases are often an opportunity to buy in and take profits in a short period of time.
Bitcoin price has started a slight rebound as it trades halfway from $ 40,936.56, the lowest to the highest of $ 42,839.75, which was printed in the last 24 hours. For a steady or sustained uptrend, Bitcoin needs active buying momentum beyond what retailers are currently doing.
While it is currently trading at $ 42,718.90, Bitcoin must consistently trade above the $ 45,000 resistance before it can recapture the 7-day high of $ 48,328.37. From the dismal moves seen the 24-hour gain of 0.31%, the resilience needed is fueled by current retail buying activity.
However, Bitcoin and the broader digital currency industry are known to be able to withstand and recover from the effects of all forms of Fear, Uncertainty, and Doubt (FUD) that have been brought about year after year by the threats for the past decade expanded by Chinese repression. So the current reluctance will be no exception in the medium to long term.
We can fully rely on the recovery and breakout of this coin, at least in December of this year, as many experts have predicted.
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