Bitcoin’s price has reached a milestone today, briefly touching $58,000 for the first time in a while. This increase comes after the news that the defunct exchange Mt Gox will be paying creditors in July. However, earlier in the day, the price fell below $60,000. Data provided by Santiment suggests that the recent rebound, based on “bottom” narratives, could lead to a potential price recovery for Bitcoin, based on historical trends.
The recent drop in Bitcoin’s price has caused uncertainty within the cryptocurrency community and triggered Fear, Uncertainty, and Doubt (FUD). Despite staying below the $69,000 level for two weeks prior to the drop, Bitcoin is still the leader of the market.
Santiment’s data shows that Bitcoin’s price fluctuation is not uncommon based on historical price trends. When the term “bottom” reached peak performance, Bitcoin’s price experienced an increase, giving hope to anxious investors. Bitcoin is currently striving to stay above the $60,000 region, experiencing a 5.21% drop in the last 24 hours. The price fell below $58,500 earlier in the day but then rose above $60,000 again.
The upcoming US elections have also sparked curiosity about Bitcoin’s future. Former President Donald Trump, who is running again, has been in talks to be a speaker at the Bitcoin conference in July. Trump and his team have taken steps during the election process, including accepting donations through Bitcoin and cryptocurrencies for the election campaign. Criticisms of the current government’s stance have led to significant support for Trump from the cryptocurrency community. He has expressed his desire to “end Joe Biden’s war on crypto” and make the US a leading country in Bitcoin and innovation.
Investors should be aware that cryptocurrencies carry high volatility and risk, and should conduct their own research.