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Bitcoin Bounces Back from Death

Things have not been good for Bitcoin lately, as the price fell under US$30,000 on Monday night,

Amid a sell-off in broader markets caused by the U.S. Federal Reserve’s aggressive monetary tightening as well as recession fears.

However, yesterday’s Bitcoin price recovery to US$32,000 might be a silver lining in the growth of the largest cryptocurrency in the world.

Monday’s decline left bitcoin at a 10-month low and set its lowest price this year.

The last time the largest cryptocurrency by market cap fell below the $30,000 threshold was on July 20, 2021, when it hit $29,301 before rebounding.

However, bitcoin recovered in European hours on Tuesday as global sentiment slightly improved.

European index Stoxx 600 rose 1.46%, while Germany’s DAX added 1.92%. Meanwhile,

Futures on Nasdaq 100 Index rose 1.86% a day after valuations plummeted to the lowest in two years. S&P 500 futures were up 1.15%.

Most Bitcoin price predictions are still pointing to further growth over the next few years.

There have always been concerns raised over the scalability of BTC, but to date,

These have had no real impact on price and Bitcoin has never come close to losing its spot as the top cryptocurrency by value and market capitalization.

Potentially, Bitcoin has been pegged for continued growth – especially over the longer term – and there are few Bitcoin price predictions forecasting any major price dips on the horizon.

Of course, you might want to wait it out and see if the price comes down before adding BTC to your portfolio, but then there’s every chance you will miss out on the next bull.

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