After a long turbulent period, experts are starting to become a little optimistic about the future of the biggest digital asset. Following the promise of easing Covid measures in China, Bitcoin has reclaimed the $30,000 mark and analysts hope it will stay above it, as informed by Bloomberg.
Bitcoin rose 5.2% to $30,687 yesterday (currently at $31,521.40), which marks its biggest increase in value since 15 May. This rise was accompanied by other stablecoins and Ethereum (which rose up by 7.7%) growing, as well as the Stocks in Europe and Asia, since the US markets were closed for the Memorial Day holiday.
“Markets are long overdue for a relief rally,” said Hayden Hughes, chief executive of social media trading platform Alpha Impact, while adding:
“Bitcoin just went through eight consecutive weeks in red territory and got technically oversold to levels we traditionally only see at the bottom of bear markets. We’re seeing heavy buying of Ether and several altcoins, and these patterns mirror what we saw in the July 2021 bear market bottom and the January 2022 local bottom.”
Some experts are still cautious, however, as the recent developments have been influenced by several other factors. Joel Kruger, a strategist at crypto exchange LMAX Digital, warns that the price rally was “happening in very thin trading conditions over a weekend and into a US holiday, so price action needs to be taken with a grain of salt.”
Caution is always advised, but the fact is that the majority of the crypto experts community are prone to be positive about the recent developments. Bitcoin continues to grow for now and everyone will be watching its development on the edges of their seats.