Bitcoin has started to grow rapidly in price
Bitcoin has crossed the $ 12,000 mark again. But this time, things are completely different than a few months ago after reaching this milestone. And this is very important.
A sharp increase in BTC value
Currently, the crypto market seems extremely optimistic for BTC, and many analysts expect Bitcoin to continue to reach new record highs in the near future. You can feel the excitement in the market.
But will he be able to support this movement? Let’s talk about this in detail.
But will he be able to support this movement? Let’s talk about this in detail.
Just a few months ago, Bitcoin reached a price level of more than $ 12K, but it was quickly rejected and dropped to below $ 10,000 before we finally saw the price rebound again. This has led many to wonder if this was really a false bull market, and if we can get out of a bear market quickly?
The crypto market before the price drop was very different from what we have today. In the US, government incentives were abandoned, and people were expected to receive them soon. It never came to fruition. And then came an incredible amount of bearish news, and if Bitcoin were much less stable, it would undoubtedly turn the market into a bearish one.
Bitcoin has been through a lot this year
Covid continues to devastate the world and global markets. People are out of work, wages have fallen, and companies are laying off employees.
Although the US is not the entire market, it has a huge impact on the value of Bitcoin. The next stimulus was expected to come in the summer, when the crypto markets reached their peak. The crypto industry has made a bet on this. And when the incentives didn’t come, the money left the market, and, naturally, prices fell.
Then there was bearish news on the exchanges. The first thing that sent the crypto market into a frenzy was an attack on South Korea’s largest exchange on suspicion of fraud by its founder.
When followed by more important news. One of the largest exchanges in the world, KuCoin, was hacked, resulting in the loss of funds worth more than $ 200 million. Fortunately, KuCoin promised to Return all its users the funds due to them.
But in even more important news, arrest warrants were issued for the executives of BitMex, one of the largest Bitcoin futures exchanges.
Each of these stories appeared at the moment when the Cue ball finally started to rise in price, and each time it brought the BTC back down. In any case, it became very clear that the governments around were extremely interested in cryptocurrencies, and began their actions, possibly against it.
Although all this may seem like a bearish trend, in fact, the forecast is extremely optimistic.
As mentioned earlier, in the past, perhaps only one of these bearish events would have been the end of the game for the bull market, and sent the PTS to extreme lows. But while all this was happening, the crypto asset maintained a value of more than $ 10,000, showing extraordinary support and strength. Not only did it show a lot of support, but after the initial price drop in these events, each time the price actually recovered and even continued to rise. He coped with adversity, as befits a digital gold.
Bitcoin is now trading at $ 12,210, and it looks like it is strengthening and preparing for the next rise. This is an exact repeat of what happened during the last bull rally in 2016/17.