Experts feel that more is yet to come as Bitcoin’s price action has begun to attract investors following a three-week slowdown.
BTC’s price has risen from a low of $30,329 in under 24 hours to $31,949, the highest level since May 11. The bullish momentum sparked a debate about whether Bitcoin had already bottomed out.
Bitcoin’s Biggest Price Surge In Three Months
The price action depicts one of the most powerful daily surges in recent days. The 7.7% price increase in 24 hours on Monday was the largest rise in the last 3 months.
Bitcoin’s price increase, which started at $29,443 and ended at $31,949, was a positive indicator for investors. Surprisingly, the price surge pushed Bitcoin’s market valuation beyond $600 billion for the first time in over three weeks on Monday.
May 8, was the day when the crisis began and Bitcoin’s market cap fell below $600 billion. BTC has a market capitalization of $604.51 billion as of this writing.
Too Many Bitcoin Bottoms Around The Corner
On Twitter, a crypto trader known as Capo believes the negative price action is still active. As per his prediction, there is still time for the bullish price action.
In addition, the analyst anticipates a further price drop of 25% to 30% in BTC. This recovery phase could last up to three months, he noted.
Capo isn’t the only one who thinks the BTC bottom is getting deeper. According to active traders on Twitter, the market’s overall sentiment is gloomy.
Recently another crypto trader, Ash, believes that during this cycle Bitcoin will bottom around $13,000 to $14,000. On the other hand, a large group of traders and analysts believe Bitcoin’s bottom has already been reached in the $28,000 range.
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