News from Bitcoin (BTC) ranging between $ 30K and $ 40K has continued for weeks. The top cryptocurrency currency found itself in this region after falling to an all-time high (ATH) of $ 64.8 million recorded in mid-April.
Bitcoin recently broke that level and dropped the psychological price below $ 30,000 to hit a low of $ 29,000.
Nevertheless, BTC brought some momentum after Elon Musk disclosure During the B-Word virtual event on July 21, the space industry manufacturer had invested its own assets in BTC. Tesla probably began accepting BTC payments again.
Therefore, Michael van de Poppe believes that Bitcoin should create a higher minimum of $ 31,000 to ignite an upward trend. Market analyst explained:
“Bitcoin looks better on several schedules, but still more confirmation required to report that we have a temporary low or even low cycle. This means that an upper low of $ 31,000 can provide a trigger. Such a shot also explodes Altcoins upwards again. “
Higher and lower lows indicate an upward trend, while lower and lower lows indicate a downward trend in the convertible asset.
Michael van de Poppe is confident that the uptrend in the BTC market will cause prices to rise in altcoins.
Bitcoin has continued to rise 230% over the past year
Despite the recent sharp drop in Bitcoin prices, from a high of 64.8 thousand to $ 28,000, the leading cryptocurrency has continued to rise 230% last year. As a result, better performance than traditional Western financial indices.
Data processing company IntoTheBlock stated:
“BTC’s price outperforms traditional financial indices despite recent volatility. Even with a price drop of 50% and then back and forth in the 30K range, BTC’s price is still up 230% in one year, growing faster than traditional western financial indices.”
Bitcoin rose 2.78% in the last seven days to reach $ 32,513 in intraday trading CoinMarketCap.
Therefore, time will tell whether the much-needed upward momentum will be launched soon as Bitcoin’s consolidation continues for more than two months.
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