Step by step Bitcoin consolidates its upward trend

Bitcoin Recover

The market is now wondering if the reaction was a spasm to the series of lows and found a new price, or if it will go down again. However, most analysts agree that a new bull cycle is approaching. 

The Bitcoin, the largest of the cryptocurrencies in price and volume, again enthuse investors and shown with a persistent upward trend that put the price near the $34.000. It had not had that level since July 12 when the sharp decline began that led it to trade less than $30,000.

The crypto market was encouraged by the statements of billionaires Elon Musk (Tesla) and Jack Dorsey (Twitter) who gave strong support to the sector.

Anyway, the market is still wondering if the reaction was a spasm to the series of lows and found a new price, or if it will go down again. However, most analysts agree that a new bull cycle is approaching.

For example, Mike McGlone, senior commodities strategist at Bloomberg Intelligence, opined that Bitcoin is more likely to return to $60,000 than to fall to $20,000.

McGlone, who is known for his previous bullish predictions on Bitcoin, noted that the cryptocurrency, which has consolidated near $30,000 since May 2021, could see a similar surprise rally as it aims to hit a renewed resistance target. .

This Wednesday the CEO of Tesla and SpaceX, Elon Musk participated in the event “The B Word”. From there he confirmed that he owns Bitcoin, Ethereum and Dogecoin, and also specified that his company SpaceX only owns Bitcoin.

“Bitcoin by itself simply cannot scale to be the world’s monetary system, but it could scale to the size of the entire global monetary system with a second layer. I would like Bitcoin to be successful,” Elon Musk specified this day.

For his part, Dorsey spoke about how Twitter and Square will use Bitcoin, and also his big ambitions for the digital asset. At the same time, he highlighted that it has a role in driving further decentralization and supporting Bitcoin.