This Savage Bear Market Could Be Over if The Following Three Steps Happen – Blockspectator

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.

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?

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.

Featured Image Source: GoodFon

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