Bitcoin is a world-renowned cryptocurrency. It’s a name in the world of crypto that everyone is aware of. Perhaps, even those who have never traded or invested in crypto are aware of Bitcoin up to some extent.
Recently, there were some predictions regarding the prices of Bitcoin. In general, the future value of all cryptocurrencies was a bit unpredictable due to the upcoming holidays. On the one hand, the crypto market is quite volatile. On the other, there is not enough data available to make sure-shot predictions. This unavailability of data is due to the fact that the crypto market is a bit new compared to the stock market.
From the perspective of the bulls, the crypto market is looking ripe. Bitcoin has escaped the recent lows that have hit the market. According to data reports, BTC almost reached $60,000 by the weekly close. This instance of Bitcoin avoiding the recent low has become a talking point for the whole industry. According to Pentoshi, another BTC trader, the preferable value figure of BTC should be somewhere between $59K and $61K for reentering spot longs. But for that, the area of spot longs has to be reclaimed.
All in all, this news has been very positive for those who held on to Bitcoin during the recent hellish weeks. Many had given up hope and were cashing out to minimize their losses. However, those who HODL (held on for dear life) would be quite happy with these results as BTC continues to show hope.