Four months ago, Bitcoin had almost touched the $10,000 milestone. But since reaching a peak of $ 840 billion in early January, the market has plummeted to 70% and is not recovered since. All efforts are meaningless as the total market capitalization is still sliding down from the peak of $ 500 billion. However, Increased in crypto price now and crypto maket value of 22.2%.
What right in the past doesnt right in the future. But it seems to be right in Bitcoin case. The average downtrend of this Coin is 71 days and the market, as the cycle returns, witness an uptrend. This was clearly demonstrated last month when the BTC rebounded 20% from the low point on February 26.
A slight recovery followed by a deep correction is a part of a two-month cycle of the crypto. Traders have been looking for a cause of the downtrend and even found evidence of a selloff occurred despite the news.
Laws and regulations are necessary but what Crypto need most right now is acceptance and permission for business. Analysists are also agreed that news of the wider acceptance of crypto can be used as a strategy to maintain the uptrend. Applications on improving transactions speed can be used with the same purpose.
Still, Cryptocurrency will still an important field whether we can reach $ 1 trillion this year or not. The emergence of trade organization, the relentless promotion of ETFs reinforced by the bitcoin, and the commonality of blockchain, shows that a paradigm shift is underway. But It cannot tell the future of Bitcoin and the extension of the market.
At your point of view, Does Bitcoin have a chance?
With bitcoin everything is possible! This past days was quite positive and the price has surged..there is a significant price increase from 6800 to 8039k this was in a span of 45mins so this has shown a big possibilities with bitcoin. I believe the price is rising and it will surge soon.