2 min read
The past couple of weeks have been brutal for the cryptocurrency markets. However, the trend can be turned into a bullish one if Bitcoin can close above levels within the set timeframe.
— Credible Crypto (@CredibleCrypto) March 15, 2020
For Bitcoin to get back on track towards a new all-time high, the cryptocurrency must recover what it lost in the past week then gain some momentum as the halving draws closer.
Closing above $5,200 would be a great step for the cryptocurrency, given that it is currently trading slightly above $5,000. This would also mean that we may have experienced the bottom and are establishing the base for the next high.
Is There Still More Carnage to Come?
A test of the lost 6.2-6.4k region seems most logical here at some point soon. I expect we test it, reject, then revisit at least 4.5-4.7k. Then we find out if the low really is in or not… $BTC
— Credible Crypto (@CredibleCrypto) March 14, 2020
Depending on Bitcoin’s price at the end of this week, we may know whether Bitcoin hit its bottom. There is a possibility that the bottom may be lower than $5,000, which slow down the expected progress of the cryptocurrency. However, if the bottom can be hit and Bitcoin still closes above $5,200, then traders can be hopeful for the future.
Sober Trading Conditions
The current market conditions do not have a specific time frame; however, the worst of the COVID-19 panic trading may have passed. The coming weeks are vital for the recovery of both the traditional and cryptocurrency markets.
For Bitcoin, positive steps towards recovery are important in building a price momentum. By climbing above the set steps, or just there about, the cryptocurrency could lead the decentralized market is regaining its lost glory.
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