Bitcoin in recovery? – The Cryptonomist

According to the common feeling of several analysts, the black January of cryptocurrencies, Bitcoin primarily, was not an isolated case, and the virtual currency is still destined to fall, with an equally black beginning of February, but will it always be so? Many analysts say that the bottom has not yet been touched but that this trend can not be forever, instead we are on the brink of a longed-for recovery. 

Bitcoin amidst declines and recovery

Since the beginning of the year, Bitcoin and other altcoins have significantly lost value, reaching the level of 30,000 dollars for the virtual currency par excellence. Despite the fact that Bitcoin seems to have a bearish trend with very bad performances, analysts express confidence for a more or less imminent trend reversal, some believe that the currency can test other supports until reaching even 28,000 dollars and then rise to 30,000 and from there start again with a bullish trend, according to others instead the currency already enjoys the rebound of the last few days of Amazon and Big tech and takes from them new momentum for a slow recovery to pre-2022 values. 

Bitcoin recovery
A turnaround is expected for Bitcoin

Opinions on Bitcoin

The CEO of Seba Bank AG Guido Buehler predicts a 2022 galloping recovery, especially in the second half of the year with BTC being able to reach even $75,000. Cathie Wood, CEO of the management company Ark Invest, is of the same opinion. 

This bullish trend would be supported by the adoption of the asset by international investors. A certain optimism about the long-term exploits of crypto has crept in and a resumption of the bullish trend is foreseeable within the second half of the year. 

According to Ric Edelman of the Digital Asset Council of Financial Professionals, Bitcoin has always been subject to cyclical volatility with a cycle of four years of which two bullish and two bearish, or in any case of consolidation, but in the long term the forecasts remain bullish because despite the bearish phase of the currency there are new elements compared to the past. 

BTC has in fact reached a state of “normality” that puts it together with other global assets giving a perception of reliability of the instrument to the point of being adopted by states as official currency as done by El Salvador and other Latin American countries and as it is currently being discussed in Turkey and India, the latter counting 1.5 billion people. According to Pentoshi and Rekt Capital, BTC is still within the range of 28,000/38,000 dollars until a new trend so they expect it to touch these lows and then start again towards new destinations. 

In support of these theses we can see that also the RSI, the resistance indicator shows that we are at a break point, a trend reversal that corresponded to a small recovery of the cryptocurrency. 

Ethereum and Solana are also performing well finding both gains of more than 5% in the last 24 hours. According to John Bollinger Ethereum is a buy just like Bitcoin.

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