The sharp increase of Bitcoin (BTC) prices in late July has taken center stage in cryptocurrency news. And it is not because they hit record-breaking heights. Rather, the fuss is about whether the hikes will stick. After all, they followed a price plunge earlier in the same month. Top blockchain companies shed some light on this concern by explaining why the sharp drop and rise are not causes for concern.
Cryptocurrency Trading Volume Fell After the Bitcoin Price Drop
Around mid-July, the price of bitcoin abruptly crashed below $30K. The daily volume maximum of $138.2 billion the crypto achieved in June sunk down 42.3% from May’s intra-month high.
Many blockchain experts considered China as a major catalyst. The country’s crackdown intimidated investors, which affected the digital asset ecosystem.
Other cryptocurrencies suffered losses following Bitcoin’s price drop. Ethereum, Cardano, Ripple’s XRP, Binance’s BNB, and meme-based Dogecoin suffered from double-digit losses. The freefall wiped away around $200 billion in value in a single week.
Days After, Bitcoin Reclaims Its King Coin Status
Bitcoin did not stay down. It traded above $39,500 several days later, a feat that it last achieved in June. Many blockchain companies attributed the sudden hike to the recent rumours about Amazon.
An anonymous insider shared that the tech titan was planning to adopt Bitcoin, which shook the crypto space. Following the rumours, Elon Musk and other market influencers became more supportive of the cryptocurrency.
Analysts Observe Patterns of a Budding Bull Market
Signs that Bitcoin is on its way into a bull market also abound. Analysts compared the cryptocurrency’s chart to previous bull runs and found stark similarities.
When Bitcoin’s price shot up, it sparked a resurgence in other cryptocurrencies. Top coins like ADA and Ethereum gained more than 5% within 24 hours of its hike.
Another telltale sign is that the BTC price hike was partly the result of over-leverage shots. Bitcoin bulls recently tried a retest of the cryptocurrency’s $40K resistance. It was a part of an overnight rally, and it caused a rapid increase in prices.
Investors who bet on BTC falling had to leave their short positions to reduce their losses. This pushed prices even higher.
BTC Prices Show Potential to Move Up to $80K in a Few Months
Crypto veterans that consider Bitcoin’s entry into a bull market imminent agree that its prices will continue to rise. Many digital asset management experts predict that it could reach $80K in 60 days or less. The massive figures BTC achieved in previous bull runs and the cryptocurrency’s widespread adoption support this theory.
Why Experts Recommend Investing in Bitcoin Today
BTC prices have fluctuated in early July, but the digital currency has since recovered with sharp increases. And because it is on its way to a bull market, it will continue to rise in the coming months. This means it will cost less to buy Bitcoin today than it will tomorrow.
Moreover, not all cryptocurrency websites have connected the dots about BTC’s market status. Some of them urge people to think twice about investing in Bitcoin. As a result, the competition for the digital currency at the moment is not as cutthroat as it was when BTC was breaking records.
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