Cryptocurrency prices continue to be green as Bitcoin manages to flip all skeptics and surge back, making it obvious that the leading altcoin is going to hit $50,000 again pretty soon.
Many traders expected Bitcoin prices to further or consolidate around its $30,000 mark, but alas, Bitcoin and the entire cryptocurrency market has managed to show great signs of a comeback. Today, Bitcoin’s price is well above $49,000, and it seems like it is eyeing its previous all-time high price of 65K. But can it?
Prices have been falling very low since May 2021 where Bitcoin reached the bottom price of $28,700 from its all-time high price of $65,000. Soon, it spiraled even lower and entered a downtrend channel.
It reached bottom for the last time on July 20th, as prices began skyrocketing, hitting $40,000 in just one week. After a brief correction, prices continued on their uptrend and are almost around the Bitcoin $50K mark.
A confirmation of the end of the downtrend was seen clearly at the beginning of August 2021, where prices dawdled for some time before moving higher.
The cryptocurrency market managed to reach and breach the $2 Trillion market capitalization in the past week or so. The top gainers are AVAX, AUDIO, and AR. They gained respectively 165%, 90%, and 85%. On the other hand, CEL, BTT, and HOT lost the most, specifically -7% each.
1– Bitcoin (BTC) : + 5.05 %
2- Ether (ETH) : + 0.73 %
3- Cardano (ADA) : + 12.42 %
4- Binance Coin (BNB): + 11.37 %
5- Tether (USDT) : 0 %
6- Ripple (XRP) : + 2.61 %
7- Dogecoin (DOGE) : + 12.47 %
8- Polkadot (DOT): + 26.67 %
9- USD Coin (USDC) : + 0 %
10- Solana (SOL) : + 71.80 %
Looking at how Bitcoin’s price is increasing along with the critical level it reached, it’s not entirely advisable for you to buy the altcoins at their current price. This zone represents a strong resistance, and prices are highly likely to adjust following this extended uptrend.
Just like you shouldn’t let a price drop influence your decision to buy crypto, don’t let a sudden price increase alter your investment strategy. You should continue to hold and not worry about any fluctuations because it doesn’t matter if Bitcoin is going up or down. The best thing you can do is set it and forget it, like you would with any traditional long-term investment.
Here is to hoping Bitcoin reaches and breaches its all-time high before the year ends.
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