Despite losing last week’s gains, there are three reasons why Bitcoin can recover back above $60,000
Bitcoin had a rough start to the year with its crash in December of 2021. While the coin showed signs of recovery it has again had some setbacks and is recovering slowly. But many people still believe that it will cross the $60k mark soon.
Experts predicted by the end of 2021 the BTC will cross the $100k mark. But with the ban of crypto activities in China and Russia, this prediction turned out to be false. The coin hit a low of $38k in March but is showing signs of recovery.
Experts have said that the ongoing geopolitical tensions between Russia and Ukraine have also slowed down crypto adoption. When all of these factors are combined we can see why crypto is on a slow path to recovery.
But historical data shows that Bitcoin shows similar behavior before hitting an all-time high. So, many people are expecting it to go above $60k in a few months. This means that BTC reaching $100k might not be a dream for many months.
With the number of whales also purchasing more coins on the dip, it is safe to say that the popularity of the coin is increasing. It also suggests that people still believe in crypto and its long term value. As of now, BTC stands at $45k which is increasing day by day. If you have been planning to buy on the dip ten right now is the best time.
