Bitcoin (BTC), plagued by volatility for the last several months, has broken free of the negative grip that has kept it from rising. The digital currency has achieved its first higher high since reaching its all-time high, which signals the beginning of a fresh uptrend.
The bear market is officially over. $BTC made it's first higher high ($25,212) since the all time high . That confirms a new bullish trend. Price can still go down, but that would be a new trend, not a continuation of the previous bear market. Congrats everyone. pic.twitter.com/Y4Mzl906s5
— The Wolf Of All Streets (@scottmelker) March 19, 2023
Bitcoin defies bear market, surges upwards
Even if the price might still go up or down, any more declines at this point would not be considered a continuation of the bear market that has been going on. Investors and crypto enthusiasts hoping for a positive turn in the market will find a fresh reason for optimism with today’s milestone in bitcoin price.
In April 2021, Bitcoin achieved an all-time high value of nearly $68,789.63. However, the leading cryptocurrency has struggled to sustain that level ever since. Bitcoin has faced numerous price corrections, with its value plummeting to as low as $65.53, representing an all-time low for digital assets. Despite these setbacks, Bitcoin attracts attention from investors and crypto enthusiasts alike, with many closely monitoring its ongoing price fluctuations.
Over the last three months, BTC bulls have been charging ahead, propelling the cryptocurrency to an impressive 90-day high of $28,346.61. This surge in value has captured the attention of investors and traders alike, with many displaying a strong bullish sentiment toward digital assets. As BTC progresses toward greater adoption and recognition, its long-term prospects appear increasingly promising.
Despite these obstacles, bitcoin remains one of the most valuable and widely used digital assets. Many investors believe that cryptocurrencies still have a significant deal of untapped potential. Its ability to function independently of any government or financial institution, as well as the fact that it is decentralized and has that capability, make it an appealing investment choice for many individuals.
Balaji Srinivasan’s bitcoin prophecy
Former Coinbase CTO, Balaji Srinivasan, has stunned the cryptocurrency world with an audacious prediction that BTC will hit an astonishing US$1 million per coin in just 90 days. This extraordinary forecast is grounded on his concerns over the potential for hyperinflation in the United States and US banking. Srinivasan’s startling projection sends shockwaves throughout the industry, leaving many investors eager to see if this remarkable prediction will come true.
I'll bet anyone $1 million dollars that the US does not enter hyperinflation
— James Medlock (@jdcmedlock) March 16, 2023
According to CoinMarketCap statistics, BTC has traded favorably during the last 24 hours. The value of the cryptocurrency has risen by 4.39% to $28,315.26. The digital asset has a solid support level of $27,196.76, which has helped prevent additional price declines, and a resistance level of $28,527.72, which must be surpassed before any price gains can occur.