Bitcoin has been keeping it fresh with its price for the last couple of months. The mid-May crash was yet the most brutal one that Bitcoin had to endure, and it somehow came out victorious from this major pushback. This dedicated crash was indeed the start of the investors getting more serious about the cryptocurrency and those who don’t give a hoot about it or are only in this for the profit leaving Bitcoin for good.
China was the country that actually initiated the crash, has issued a swear crackdown against the miners; as a result, the hash rate for Bitcoin dropped significantly, and the price was, you know, plummeted. Bitcoin has resurrected itself from the lows of $30K to the highest of $47K at the time of writing. It is going to take some time for sure before Bitcoin can see itself at a calibrated place where volatility doesn’t remain much of an issue, and the price corrections can be predicted a little more vaguely.
There is a new observation being made about the cryptocurrency by the futures and options market revealing the sentiment and expectations of the traders and long terms investors about the flagship cryptocurrency.
Bitcoin Will Reach New All-Time High
The crypto market, in general, is seeing an influx of new investors and traders with strengthened confidence in Bitcoin pouring in with investment. As for the general trend, the market seems in disbelief, and the liquidity of Bitcoin is also effective. With the global adoption taking a positive turn for Bitcoin, the cryptocurrency seems to be heading towards new all-time highs.
El Salvador indeed made a bold move, and for that, it is being rewarded pretty decently as the public is also by the state’s side during this whole crusade. Bitcoin just has to stick closer to the resistance levels in the upcoming weeks as only these are going to be the problems or pushbacks for the flagship cryptocurrency for an otherwise foolproof bullish run ready to take Bitcoin high. This could mean that Bitcoin will be able to reach new all-time highs if this metric is fulfilled.