After its corrective rally from US$6,500 to US$7,500 came to an end,
Bitcoin experienced a two-day slump. But over the past 24 hours, the Bitcoin price has once again rebounded from the US$6,500 level, rising back to around US$7,000.
Bitcoin Trend
For short-term recovery, the US$7,700 to US$7,800 range remains as an important level for Bitcoin that could allow the world’s most dominant cryptocurrency to potentially eye a move towards the US$8,000 region. Previously, when the bitcoin price surged to US$7,500, traders were anticipating it to break the US$7,800 support level. But, it could hold its momentum and continue its corrective rally.
In the next few days, the US$7,800 mark will be an important level to observe, and if the Bitcoin price can surpass beyond that point, it’s possible that it can initiate a strong short-term recovery and end the month of April with large gains.
At the moment, the cryptocurrency market in general still lacks volumes across the board…on both major and minor cryptocurrencies. During the recent 70 percent correction, the vast majority of weak hands and speculators left the market, and new capital or money has to come into the market to increase the liquidity of major cryptocurrencies.
Conventional wisdom suggests trading volume has to increase first and then the transaction volume of Bitcoin will also rise. And, as user activity surges, Bitcoin’s price will follow. Currently, the market is seeing an increase in trading volume, and if the entrance of large-scale institutional investors like the
Rockefeller family, Rothschilds, and George Soros could lead to a substantial increase in liquidity, the cryptocurrency market could rebound.
This week, it was revealed that following the multi-billionaire trader Soros and the Rockefeller's venture capital firm
Venrock are investing in both cryptocurrencies and blockchain start-ups for long-term returns.
David Pakman, a general partner at Venrock, which stands for Venture and Rockefeller, stated:
“We wanted to partner with this team that has been making investments and actually helping to architect a number of different crypto economies and crypto token-based projects. There are a lot of crypto traders in the market. There are a lot of cryptocurrency hedge funds. This is different. In fact, to us, it looks a little bit more like venture capital,” Pakman said.
Another Bitcoin bull
Daniel Worsley, CEO of
LocalCoinSwap said:
“There is no other network that has been as battle-tested as the Bitcoin blockchain. It has resisted serious adversaries, and coordinated attacks designed to disrupt its functioning. It has survived all assaults. It wouldn’t surprise me at all to see the price above $20,000 USD this year. Especially given the amount of negative press which is now priced in, and investor expectation of another bull run, it will only take a couple of positive developments to set off the train.”
Apart from Bitcoin, other cryptocurrencies seem to be doing reasonably well, causing the overall market cap to rise by US$20 billion. At the press time,
Ethereum is showing a strong recovery of 7.5% and is trading around US$420 levels.
Ripple too is showing a healthy recovery just under 4% and is trading above $0.50 levels.