Bitcoin the giant of all the crypto coins has finally seen an end to its longest bearish steak in more than a year after its weekly chart turned green an indication of bullish momentum.
In the last 24 hrs, BTC has marked a price of $31,313.36, up by 5.45%. The market capitalization of BTC is now $655,577,989,921.32 and a trading volume of$25,562,050,803.35 and a circulating supply of 19,059,112
The cryptocurrency’s upward move started on May 30th, when BTC surged in a matter of hours to break above the $29,977mark
Since then, the cryptocurrency has been in a corrective mode and is currently trading at $31,313.36, down from its all-time high which is $31,342.18
Bitcoin’s most recent price surge might be a brief honeymoon. The largest cryptocurrency reached $32,375 on May 1, its highest level in three weeks, but its gains came to an end the following day and it was perilously close to recording another week in the red.
Bitcoin trader Peter Brandt airs his predictions
During a bear market, veteran trader Peter Brandt recently predicted that the price of Bitcoin could fall to as low as $12,000.
Brandt, who has been trading cryptocurrencies for a long time, said that he expects Bitcoin to find support around the $20,000 level, but a further drop to $12,000 is also possible.
The overall market is green indicating a bullish trend, as top coins ETH and ADA are up by 6.14% and 13.07% respectively in the last 24 hrs.
The market is Bullish hence this is a good time for investors to buy call options, Nevertheless Investors should take caution as the market is highly volatile.
While the market remains in a state of uncertainty, it’s important to remember that all investments come with risk. So, always do your own research before making any investment decisions.