This Savage Bear Market Could Be Over if The Following Three Steps Happen
The past couple of weeks have been brutal for the cryptocurrency markets. However, the trend can be turned into a bullish one if Bitcoin can close above levels within the set timeframe.
— Credible Crypto (@CredibleCrypto) March 15, 2020
For Bitcoin to get back on track towards a new all-time high, the cryptocurrency must recover what it lost in the past week then gain some momentum as the halving draws closer.
Closing above $5,200 would be a great step for the cryptocurrency, given that it is currently trading slightly above $5,000. This would also mean that we may have experienced the bottom and are establishing the base for the next high.
Is There Still More Carnage to Come?
A test of the lost 6.2-6.4k region seems most logical here at some point soon. I expect we test it, reject, then revisit at least 4.5-4.7k. Then we find out if the low really is in or not… $BTC
— Credible Crypto (@CredibleCrypto) March 14, 2020
Depending on Bitcoin’s price at the end of this week, we may know whether Bitcoin hit its bottom. There is a possibility that the bottom may be lower than $5,000, which slow down the expected progress of the cryptocurrency. However, if the bottom can be hit and Bitcoin still closes above $5,200, then traders can be hopeful for the future.
Sober Trading Conditions
The current market conditions do not have a specific time frame; however, the worst of the COVID-19 panic trading may have passed. The coming weeks are vital for the recovery of both the traditional and cryptocurrency markets.
For Bitcoin, positive steps towards recovery are important in building a price momentum. By climbing above the set steps, or just there about, the cryptocurrency could lead the decentralized market is regaining its lost glory.
Featured Image Source: GoodFon
Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at firstname.lastname@example.org