Could Bitcoin begin to see the end of the tunnel? Many indicators confirm an improvement in its price as well as a brand new record.
The first highlight of the Bitcoin price?
After a long period of crisis followed by a few days of uncertainty, the price of Bitcoin seems more equipped than ever to face the future. Indeed, the small orange coin has just recorded its second consecutive bullish weekly candle. The good news doesn’t end there.
In addition to its price returning to the green, Bitcoin is breaking new records for this year 2022. If the latter had been marked since last January by a drop in value after a peak at 69,000 dollars, it would seem that the token is recovering. the beast. Indeed, despite the crisis that has hit the industry since last May, the first cryptocurrency has just recorded its best month in terms of progress. In other words, during the month of July, its value jumped by 27%.
The phenomenon can be explained by an improvement in the traditional market, to which Bitcoin is largely correlated, but also by the renewed interest that cryptocurrencies have regained after the downgrade alert caused by the International Monetary Fund.
The End of Crypto Winter? Nothing is less sure…
This rally for Bitcoin, while exciting, may not last. The market seems to have come out of the crypto winter but that is only an appearance. A more crucial period still awaits the price of the small orange coin. According to Antoni Trenchev, the pressure is high for the cryptocurrency which has entered the consolidation phase. In an interview with Bloomberg, the founder of Nexo expressed his doubts about the end of the crypto winter.
According to him, anything could still happen and Bitcoin might have to take other vagaries of the market. However, the entrepreneur opts for a period of resilience instead, claiming that the small piece already has enough power to protect itself. Now at $23,234, BTC is unlikely to fall any lower.
Crypto investors get their hands dirty
Bitcoin price improvement would be nothing without the enthusiasm of crypto investors. After having long been deserted by the latter, the crypto sphere is the scene of a triumphant return. According to CoinShare, the devotion of the community is no longer to be proven.
Indeed, investments in digital currencies would abound for the fifth week in a row. Nearly $8.1 billion would currently support the economy. During the month of July, just $474 million entered the market. During the month of June, almost as much was taken out by investors.
Excellent news for the industry which will be able to begin to rebuild despite the preference of users for short-term actions. The price of cryptocurrencies therefore seems to be green for a while.
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