Bitcoin quickly recovered from $50,000 after briefly cooling on August 5. The uncertainty surrounding geopolitical issues and the economic recession pushed Bitcoin to the level.
The price of the top crypto has steadily fluctuated between $55,000 to $57,000 in the past day. A brief high was reached earlier this morning at $57,220. The asset traded at $57.033 as of the time of publication, with an 1.89% increase over the previous 24 hours.
Please Read This: Bitcoin Will Drop Down to $11,000, Crypto Tycoon Predicts
Market Predictions and Analysis
Risques of an Even Larger Declination
Analysts warn of the potential for a larger decline. The current price of the asset is seen by many as a good opportunity for a purchase.
Please Read This: Ripple: Can $1000 Worth of XRP Become $1 Million in 10 Years?
A crypto analyst says that investors should wait until bitcoin’s value drops below $40,000 to get the best price. next Bull market Bitcoin traded at $42,577 in February of this year. Markus Thielen is the head of research at 10x Research.
“To ideally time the next bull market entry, we aim for Bitcoin prices to fall into the low 40,000s. We would then expect another major rally attempt.”
Potentiel for accumulation
Many other analysts are also of the opinion that this asset will plummet first before rising. Investors should be able accumulate king coins before they explode. BTC currently remains 22 percent below its record high price of $73,750.
Profit from Bitcoin Wallets
As per statistics from IntoTheBlockThe total number of people who have been affected by the disease is 9.87 millionBitcoin addresses still lose money, despite 6.88 millions wallets having purchased Bitcoin on average at $66,441.
Please Read This: Europe’s 4th Largest Hedge Fund Discloses $500M Bitcoin ETF Holdings
Additionally, 2,99 million Bitcoin holders spent an average amount of $59978 on Bitcoin. Currently 79% of Bitcoin holders are in profit. Around 18% of Bitcoin owners are losing money.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru