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The prices of Bitcoin (BTC) and Ethereum (ETH) saw a 5% jump over June 6 and entered a upward correction that dragged the price of BTC from below $30,000 to above $31,500, giving investors renewed hopes for a much-anticipated market recovery after a brutal sell-off in May. Although the rallies were so weak that it fell again the next day, it was the first green weekly candlestick in ten weeks.
Summary
Is the worst over or just a flash in the pan?
After nine consecutive weeks of closing lower than the previous one, Bitcoin finally managed to break this negative trend and marked its first green weekly candle since late March.
The first green weekly candlestick in ten weeks does not immediately cause a change in sentiment. Emotions still score 15/100 according to the Fear and Greed Index, putting us in extreme anxiety territory. This extreme fear may be a good reflection of the general sentiment in global financial markets. No one knows how far central banks want to go to control inflation.
Saylor’s upbeat outlook
Since the record peak in November 2021, the whole crypto market has continuously experienced typhoons. Even some altcoins like LUNA plummeted more than 1000% in one day.
However, according to Michael Saylor, Co-Founder of MicroStrategy Inc, the crypto-market turmoil is “wonderful” for Bitcoin.
Michael said:
“I think this entire crypto crisis is going to be excellent for Bitcoin. It will hasten some long-overdue regulation of stablecoins, altcoins, and exchanges. It’s about breaking the political deadlock. It’s informing the world about the differences between Bitcoin and security tokens, which will make it easier for big institutions to enter the space.”
Long-term optimism of Bitcoin
Despite the crypto slump and the rallies are extremely weak, banking giant JPMorgan says Bitcoin is massively undervalued. Maintaining its estimate of Bitcoin’s fair value at $38,000, the bank recently reiterated the assessment it gave the asset in February when the cryptocurrency was trading around $43,400. This price is approximately 28% higher than its current level.
The golden time to profit taking advantage of volatility
In any case, the Bitcoin market will remain volatile for some time to come. But using the right investment method can make volatility a powerful tool for profit. BTC futures trading enables traders to long or short BTC, so traders can earn money as long as their predictions are right. While spot traders only earn profits when the price of Bitcoin goes up. Furthermore, traders can borrow leverage from exchanges to increase their buying power, thus multiplying their profits.
For example, a trader opens a short position of 100 BTC at the price of $32,000 with Bexplus 100x leverage. Then, the price goes up to $29,000. As a result, he will make a profit of ($32,000 – $29,000) * 100 BTC / $29,000 = 10.3 BTC, while the margin he needs is only 1 BTC.
Bexplus — the most recommended crypto exchange with 100x leverage
Bexplus offers 100x leverage in BTC, ETH, DOGE, ADA, and XRP futures contracts. Accredited by U.S. FinCEN MSB (Money Services Business), Bexplus is trusted by over two million traders worldwide. No KYC, no deposit fee, traders can receive the most attentive services, including 24/7 customer support.
Deposit activity to earn 100% BTC cashback
Deposit BTC in the Bexplus account and you can earn a 100% BTC bonus, which can also be used to trade futures contracts. Plus, more margins reduce the likelihood of forced liquidation. The more deposit, the more bonus you will get. Up to 10 BTC is available for each deposit. (Bonuses are not withdrawable, the profit obtained with the bonus can be withdrawn.)
BTC Wallet: up to 21% annualized interest without any risks
Bexplus users can gain profits not only from trading. Join the Bexplus wallet to earn up to 21% annualized interest without taking risks. With up to 21% annualized interests, it is no doubt one of the most profitable rates in the industry.
Demo account with 10 BTC: the most novice-friendly
Bexplus is one of the few exchanges that offer a free demo account, which puts you through its rules and trading widgets. Inside the demo account is 10 BTC for traders to practice and try out strategies as much as they like.
Copy Trading: allow professional traders to make money for you
Copy trading offered by Bexplus creates the opportunity for you to automatically copy positions opened and managed by skilled traders with high profitability. It is one of the easiest ways to use another trader’s expert knowledge. When that trader makes a trade, your account will make that same trade as well. You don’t have to analyze the market trend, entry and exit spots, Copy trading also allows you to customize the proportion of your order copy, set take profit and stop loss, or terminate the copied order at any time.
Trade freely on Android & iOS
The top-ranking Bexplus app integrates all the necessary functions and tools (real-time charts, a variety of indicators, news alerts and etc.) while keeping a minimalist and intuitive interface. With the Bexplus app, you can manage your account anywhere and anytime you want. Furthermore, the 24/7 notification could keep you updated with big price movements, making it easier to secure your positions.
Don’t miss the opportunity to capitalize on volatility in the crypto market. Click here to register on Bexplus to get your 100% deposit bonus.
*This article has been paid. The Cryptonomist didn’t write the article nor has tested the platform.
