Now the Bitcoin market is currently in the critical phase where we can’t precisely predict the up/down sentiments but legend traders believe some big correction before the $40k level.
The current trade price of Bitcoin (BTC), the top crypto asset by market, is $36,849 & this trade price is 2.37% high over the last 24 hours trade price.
In the last 24 hours, the trade price of bitcoin hit $38,000 at some crypto exchanges and after that started to follow a parabolic downfall in steps.
According to veteran Bitcoin traders, the trade price of Bitcoin will touch $40k if it maintains the trade price at $38k. Bitcoin price analysts also suggested spot traders maintain Bitcoin investment for some long periods because it is going to go up.
Few Bitcoin traders noted that Bitcoin will likely to follow a strange pattern unlike it followed in the past bull cycles because here many factors are favouring the bull sentiments i.e. Bitcoin halving, the US presidential election, approval of Bitcoin spot ETF applications, & also the usual bull cycle.
Here we can expect very less possibilities for bitcoin trade price to face correction, obviously for the next 5-6 months.
Recently Ark Investment CEO Cathie Wood passed her opinion on this initial phase of the bull run and said that 21 million is the limited supply of bitcoin but demand is going to surge rapidly.
Wood also said that her prediction for bitcoin is $600k by the next 6 years, on behalf of the analysis by Ark firm team.
El Salvador on Bitcoin vehicle
The whole world knows very well that the central American country El Salvador adopted Bitcoin as a legal currency in the middle of 2021 and the country started to use Bitcoin as a legal tender on 7 Sep 2021.
Since the date, the trade price of Bitcoin is 120% that doesn’t mean that El Salvador is in 120% profit with Bitcoin investment.
Currently, El Salvador is holding a net of 310 bitcoins, including buying 1 Bitcoin per day since the beginning of this year under the leadership of the country’s president Nayib Bukele.
With this holding, El Salvador is still in nearly 10% loss, as the country purchased bitcoin at very high prices in 2021.