The Bitcoin price rebound at a extremely low speed, driving the price of altcoins in the market. Here is why
Although currently the crypto market is in the bearish market, with nearly all the tokens trading at a much lower price level than month before, the whole market actually shows signs of growth in the past week, nine out of ten stay in the green (so does today’s price trend), albeit a mild one. Almost every cryptos (except Tether) in Top 10 shows a 1%-3% increase in their values, with Stellar topping the list, an increase of 5.43 percent.
As for the price of Bitcoin (stands at $6,374.87 at press time), it fell from the high price range of $6,800 to $6,400 in the first few day of the week, then fluctuated around a lower one, and finally climbed up extremely slowly at the end of the week.
According to experts who are freelancers from Cointelegraph and Bitcoin86, the price move is going to take two paths: it’s expected to go above a higher price level,$6300 to $6800, moving upward and downward there, or, “if the Bitcoin price slumps below $5,900 and fails to recover it quickly, the decline may extend to between $5,000 and $5,450.”
As for the price trend goes up slowly, experts are actually feel optimistic about the market. It doesn’t recover yet and maybe will not fully recover in a short term,but it will eventually.
This is because many big players are scheduled to enter the market, investing in it, driving up the price and eventually reserving the tendency of going worse and worse. It’s reported that Billionaire Steven Cohen, the founder of Point72 Asset Management, is backing a crypto and blockchain-focused hedge fund, called Autonomous Partners which belongs to Arianna Simpson.An the former from Goldman Sachs Christopher Mattis states that he will invest his mother’s money to support Bitcoin, and expects a price level of $1,5000 this year.
Even more telling is that is the regulatory uncertainty has settled. Although they are not all good, for country like China and India introduce severe regulation on cryptos, almost beating the local crypto-related businesses to death, the uncertainty caused by the government’s ambiguous attitudes disappears, together with the wayward price move during that period.
As for the Korean government has legalize Bitcoin and crypto-industry, now the authority is busy introducing policies to discipline the activity within and the Japanese one is taking measures to provide a more favourable circumstance for local crypto development by streamlining the process of reporting the tax.
Therefore, a crypto-friendly environment is available for investors and businessman in this country. Then with the government stepping in, people’s confidence is bound to increase.It may ends up spawning more crypto exchanges, holders and investment join the network, thus the market recovers steadily in a healthy way eventually.
