Although the global cryptocurrency market has been convulsed in recent days causing cryptocurrencies such as Terra (Luna) to become worth nothing, in a way Bitcoin has managed to remain stable.
Resistant to instability
The most popular currency of its kind regained the psychological level of $30,000, rising 3.34 percent to $30,066.48 and thus continues to attract new investment with a market dominance of close to 45 percent.
However, experts warn that one should not be too confident that the price of Bitcoin will continue to rise due to the current circumstances of the global economy and with the war.
For Darshan Bathija, CEO and co-founder of Vauld a FE Online, a further depreciation of the cryptocurrency could emerge.
“A further decline to the recent lows that BTC witnessed could present itself,” he indicated.
In this regard, Edul Patel, co-founder and CEO of Mudrex, mentions that the scenario for cryptocurrencies remains unoptimistic.
“Although the uptrend appears to be limited, momentum signals remain negative,” he said.
Other analysts speculate that cryptocurrency markets have bottomed and that a reversal is just around the corner.
“On the daily time frame, the BTC chart continues to break through a descending triangle pattern, trading near the bottom of the pattern. We could expect a bounce from this level in the coming days,” noted WazirX Trade Desk.
Meanwhile, Jennifer Lu, co-founder of Coinstore, believes that an unexpected boost from Russia toward bitcoin could change its fate.
“A positive statement issued by the Russian minister around the legalization of crypto as a payment option has brought some joy to the global crypto markets, as Russia has emerged as the biggest supporter of crypto in recent times,” she stressed.