After a brief collapse, Bitcoin has made a remarkable recovery, but some financial experts are not yet convinced.
According to him:
“[If] you look at the 2018 and 2019 bear markets, [Bitcoin] had bigger rallies than this in percentage terms, (…) and people again seem to forget that, so don’t be fooled, I’ve been through many bear markets, in commodities, in the stock market, in crypto in my trading career and sometimes it turns out to be the lipstick on the pig here.”
$9,000 – $13,000 possible?
Additionally, the trading expert warned that the presence of a large number of digital assets “that have no use case” might be contributing to the prolongation of the crypto winter that he believes has “almost been too easy,” expressing concern over these assets “getting pumped on a daily basis” and “just flooding the market and going up ridiculous amounts.”
Bitcoin price analysis
In the meantime, Bitcoin is currently changing hands at the price of $29,223, up 0.90% on the day and gaining 3.42% across the week, adding up to the monthly increases of 7.08%, according to the most recent data retrieved by Finbold on April 28.
Bitcoin 30-day price chart. Source: Finbold
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