🧨Crypto took a hard hit early May. Bitcoin, the largest cryptocurrency, fell to around $29000 from its all time high of of almost $70000. Other cryptocurrencies fell too and people started to wonder whether this fall would be permanent, but will crypto rise again?
🔮It’s likely, but it won’t be a walk in the park. Shortly after the collapse, the majority of cryptocurrencies began to rise in price. Bitcoin started trading around the $30000 mark but remained largely below that for the time following the initial revival. Since then it’s been a roller coaster ride for cryptocurrencies and they are yet to reach levels near where they were before the crash.
🚀Right now, the bull market rages on. Cryptocurrencies are still experiencing ups and downs while remaining largely around the same price they’d reached after the collapse. However, sentiments on the market are largely positive, with many experts and investors optimistic that major cryptocurrencies will reach new highs just not very soon.
People see the fall only by comparing with $70k. Relative to this figure, $29k seems to be something insignificant and small. But let's rewind a little bit of time, for example, to bicoin price peaks in the last cycle and we will see that $29k is more than $20k. So, relative to previous indicators, bitcoin is undoubtedly rising. Of course, with ups and downs, but since its inception, growth has been constantly observed. Therefore, it seems absolutely normal for me that in the future we will see a further increase in bitcoin. Will cryptocurrencies reach its highs soon? For the holders, this is not so critical, because sooner or later it will happen. People can be patient and willing to wait years (you remember bitcoin moving from old wallets not moved for years) to wait for a very high price of bitcoin relative to the purchase price.