Bitcoin Chances For A Bull Run
Bitcoin’s performance has not been quite on the commendable side lately. Compared to the price development of recent years, BTC has not made an impressive move in 2022. Instead, the token has been held in a bearish grip that no one expected.
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With the extreme crypto winter in the first half of the year, the entire market was on edge. The collapse of the algorithmic stablecoin Terra and its ecosystem dealt a more devastating blow to the price of Bitcoin. BTC lost more than half of its value with the crypto market and its market cap dropped.
But the second half of the year brought bright hopes for the world’s leading cryptocurrency. The price of Bitcoin started to change slightly as the token gradually increased. The gig was still cut short when the bears took over the market again.
BTC is hovering around the $19K level
Due to the crypto market, Bitcoin, which once hit a new ATH of $25,200, later went down. The price drop followed a gradual downward trend until it fell.
This was after it plummeted to around $18,556 the previous day. This drastic drop marked a new two-month low for BTC. At press time, BTC is trading at $20,186, indicating an increase of more than 9% in the past 24 hours.
Bitcoin still shows strong rally
Despite these actions, Bitcoin has yet to receive a noteworthy recommendation from many industry participants. Some crypto analysts still doubt whether the token will hold up or even go higher from its current position. They believe that a more bullish trend would be quite tricky.
In a telegram message, the director of blockchain market research at Quantum Economics, Alexandre Lores, stated his stance on BTC. Lores stated a general hostility to current macroeconomic factors on all risk assets. With the situation, Bitcoin is not exempt from the influence.
He also reiterated that the other contributing influencers in the BTC price market are the Russian-Ukraine war and the power from Europe and the US ESG. In addition, the Federal Reserve’s stance on interest rates and post-COVID effects is among the influencers.
Oanda’s senior market analyst, Craig Erlam, should no longer need to predict future price increases. Instead, the analyst insisted that the central focus is the possibility of a spiral in the BTC price pattern. He cited a similar outplay in the past when Bitcoin took a positive turn in 2020.
Equity market activity shows an impressive recovery from Wednesday. The markets recorded a 2% increase for technology stocks such as S&P 500 and Nasdaq.
Featured Image From zipmex, Charts From TradingView.com