The Bitcoin price has now recovered well from its last crash and rose again over 43,000 dollars after a few days. The price had previously dropped below the $ 40,000 mark for the first time since September. However, with the current rise, the trend reversal into a bullish market could be imminent. Let’s talk about why Bitcoin might have reached the bottom and why a reversal upwards might be coming soon.
Bitcoin Price rises again above $43,000
At the beginning of the year, there was negative news for Bitcoin investors. Bitcoin prices crashed hard, falling from $ 46,000 to $ 42,000. In certain exchanges, the price fell below the $ 40,000 mark for the first time since September 2021. Today, on the other hand, BTC prices have since recovered.
The Bitcoin price has been increasing again for 2 days. Bitcoin passed the $ 43,000 mark on Wednesday 12th of January. The recovery lowers concerns that the Bitcoin price could fall again towards $ 30,000. However, there are now signs of a trend reversal for the market.
Did the Bitcoin Price reach the Bottom?
The slight recovery raises hopes that the current correction in the market has now bottomed out. We could see a development similar to that of the major correction in spring 2021. At that time, the new bans on Bitcoin mining in China caused a massive price correction for a few months.
Some pessimistic analysts had predicted that the Bitcoin price could fall even further. The reason for this would continue to be high open interest positions on the foreign exchange market and possible increases in key interest rates, including the US Federal Reserve.
Bitcoin Price Prediction – Can Bitcoin reach $50,000 again?
The first hurdle for a trend reversal would be reaching $ 46,000, which was a key support zone for a very long time back in December 2021. From this level, the Bitcoin price could attack the $ 50,000 again. At this past Christmas, the rate was turned down at $ 52,000 and dropped back to $ 46,000.
One big hope is that the bears are now out of breath and that we could see stronger buying interest again at the current low prices. For the retail investor, the current correction is once again an ideal buying opportunity before we possibly become strongly bullish again.
You can purchase Bitcoin and other cryptocurrencies on the Binance , Coinbase , Kraken and Bitfinex crypto exchanges.
