A couple of days ago, Bitcoin had managed to reach a $57,000 margin, which was just below the all-time high mark for them. Still, this was an improvement, to say the least, as they had experienced a significant low in February, close to $43,000. Today, however, there was much improvement as BTC reached $62,000. So, although Bitcoin had managed to regain some momentum in a relatively short period of time, there are some analysts who nevertheless remain persistently bullish regarding the asset’s future price.
Analysis of Bitcoin
It is true that Bitcoin had managed to regain a lot of its price loss in relatively short order following the 2017 crash, but this was short-lived as it then lost over 80% in terms of its own value just a few weeks later. Still, sources indicate that this time will be different with hopefully better long-term results.
To this end, Willy Woo, a BTC analyst, sustains the belief that if one needs to search for a key indicator regarding any and all bullish attitudes and sentiments concerning both retail as well as institutional traders, then they need to only observe 5% of the overall supply which was purchased above $53,000 (at a market valuation of one trillion).
Furthermore, investors are nevertheless staying calm and not panicking about the drop; in fact, most took this as an opportunity to invest even further, accumulating nearly 900K BTC. Many analysts still believe that Bitcoin is seen to be undervalued, or at the very least as an alternative for the volatile equities market.
Plenty of room for improvement and growth for Bitcoin
Bitcoin has, at the time of this writing, managed to break through horizontal resistance on a weekly timeframe. It has also managed to experience a breakout in its price channel, which normally means that a vast appreciation within the assets market value will follow. While this is all a clear indication of bullish behavior, technical experts and analysts alike still believe that there is room for improvement. Nonetheless, Bitcoin continues to enjoy much success and is still being utilized against inflation as well as macroeconomic threats in general due to it functioning as a store of value.