- With El Salvador’s adoption, Bitcoin has secured a bright future.
- The price of Bitcoin currently hovers around $35k.
- The current trading price is nearly 50 percent below the ATH.
- According to indicators, a surge in price to around $85k is coming.
There is a lot of good news for Bitcoin currently. There is plenty of room for more growth but as of now, the adoption of Bitcoin by El Salvador will definitely have a significant impact. Bitcoin is currently trading at 50 percent lesser than its ATH. There was a sudden drop in the price of Bitcoin after the incidents of last month. New data suggests that BTC is now attempting to make a recovery that is analogous to the one it made in the year 2018 and 2020.
Although currently, Bitcoin is trading below a prominent moving average and doesn’t necessarily show bullish signs, the signs of a rebound can actually be seen. The sharp drop in the price of Bitcoin has given several investors, the golden opportunity they were waiting for. On-chain data that is visible definitely suggests a rebound. BTC is expected to be gaining all that it has lost in the past few weeks.
The future of Bitcoin in the coming months
Looking at the graphs and indicators, it can be said that BTC is currently moving below its 200 Daily Moving Average. This is a concern for many traders. The reason behind this low movement of BTC is the fearful sentiments that surround the crypto market. Recent events have seemingly struck fear in the hearts of investors.
The President of the United States, Joe Biden will be appearing at the G7 summit and contribute his plans relating to BTC. Recently, ransomware attacks increased in strength and President Biden has his views on how to counter such crimes.
Such issues have led the price of the coin down in recent weeks. Now there are various indicators present that show otherwise. The on-chain data indicates that the bearish trend in an overall bull market is about to get over and now, it is time for Bitcoin’s rebound. These indicators are – spent output profit ratio (SOPR), active addresses sentiment, and stock-to-flow deviation.
These indicators have lined up the same way that they were in December 2018 and March 2020 and the next happenings were positive. We can expect that the entire market will rebound as BTC will come back on track and assume its leadership in the crypto market.