After months of uncertainty, Bitcoin (BTC) has finally broken free from the bearish grip that has held it down. The cryptocurrency has made its first higher high since hitting its all-time high, signaling the start of a new bullish trend.
While the price could still fluctuate, any downward trend from here would not be a continuation of the previous bear market. This breakthrough in bitcoin’s price offers renewed hope to investors and crypto enthusiasts who have been patiently waiting for a bullish turn.
Bitcoin, which reached its all-time high (ATH) value of around $68,789.63 in April 2021, has since struggled to maintain that level. The digital asset has faced a series of price corrections, with its value dropping to as low as $65.53 (all-time lows) at some point.
BTC bulls have been on a roll in the past 90 days, establishing an impressive 90-day high of $28,346.61. This means that the cryptocurrency has experienced a significant surge in value, with investors and traders showing a bullish sentiment towards the digital asset.
Despite these challenges, bitcoin remains one of the most valuable and popular digital assets, with many investors still seeing great potential in the cryptocurrency. Its decentralized nature and the fact that it operates independently of any government or financial institution make it an attractive investment option for many people.
In a related report, former Coinbase Chief Technical Officer (CTO), Balaji Srinivasan, has made an audacious prediction that BTC will reach a staggering value of US$1 million per coin within just 90 days. Srinivasan based his prediction on concerns over the state of US banking and the potential for hyperinflation to take hold in America.
In the past 24 hours, BTC has been trading on a positive trajectory, as indicated by data from CoinMarketCap. The cryptocurrency’s value has seen an increase of 4.56%, rising to $28,289.81. The digital asset has a strong support level at $26,969.74, which has helped prevent further price drops, and a resistance level at $28,440.56, which marks a point of resistance that must be overcome for further price increases.