After a stellar start to the year, Bitcoin and the crypto market crashed in the middle of March – much to the surprise of bulls who clearly had their blinders on and it seems as though the market has turned again, as Bitcoin is recovering with a strong uptrend.
Bitcoin is recovering topping charts at $7,200
Now, market observers are reporting that the OG digital asset could be reaching for the moon. In essence, we can expect further gains.
Bitcoin is recovering, according to market observers
Let’s take a look at what the experts have to say about Bitcoin’s recovery:
Denis Vinokourov, head of research at BeQuant, a digital asset firm, said
“Last week’s break above the $7,000 level was limited by profit taking, but today’s move above $7,000 is much more convincing because there is little evidence of stop loss selling.”
“This, together with further widening of spread between futures and spot pricing, and bullish options flow positioning, suggests that the market will continue to grind higher.”
Kiana Danial, CEO of Invest Diva, was also positive about the turn of the market.
“We have a solid bullish engulfing candlestick pattern that indicates the bulls have gained momentum,” she said. “It is also testing the lower band of the daily Ichimoku cloud which is now a key resistance level.”
“We could see a bit of a pullback here again but if it breaks above the cloud, then we have more certainty that it could reach above $7600 in the medium term,” Danial noted.
Evan Kuo, CEO of Ampleforth, another crypto firm, also gave his two cents on the matter:
“It’s encouraging to see Bitcoin above the $7K resistance mark in the broader descending channel,” he said, adding that this trend is “something to watch closely.”
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The world is in turmoil, but Bitcoin is recovering with an uptrend
The Covid-19 pandemic has sent the entire world spinning. Even with the stock markets crashing, the political realm collapsing, and people getting sick and dying, Bitcoin seems to be prevailing. In fact, Bitcoin is recovering with a strong uptrend – indicating that it’s bullish, regardless of these trying times.
Bitcoin is making a strong recovery, according to leading industry experts
It’s clear that just by looking at the data, we can see that Bitcoin is recovering with a strong uptrend. According to various market observers and industry experts, we could very well see Bitcoin continue to rise. With the world in a state of pandemonium and the Bitcoin halving on the way, now could be the time for the OG cryptocurrency to really establish itself in the mainstream.
