Bitcoin is gaining multiple gains as well as much-needed momentum in an effort to go beyond the level at 15th May 2021 from where it was pulled down and since then has been struggling to come out of the barbwire. A large number of crypto analysts, as well as traders, are hopeful that the Bitcoin market is likely to witness double top very soon – an event in which Bitcoin will not only break its ATH record but also set up yet another ATH record.
Wednesday, 14th April 2021, was the day that marks a historical event for the world’s number one crypto coin, Bitcoin. It was the day when Bitcoin achieved, what is called the “double top”, and gained All-Time High (ATH) value exceeding US$ 64,654. However, from that day onward, instead of going further up, Bitcoin’s value had been continuously going down sharply and massively. At one point in time in May 2021, Bitcoin saw a massive reduction of value which lowered the value by almost US$ 35,000. Bitcoin then came under the price range of US$ 29,000. Since then there hadn’t been any joyous occasions for the Bitcoin community. Otherwise, the community became used to continuous price surging.
However, in recent times, Bitcoin had been resisting and within this resistance, it was paving its way upward. Since the past month, there had been about 52% gains alone for Bitcoin. Per unit value of Bitcoin is rapidly going higher and higher. At the present moment, Bitcoin’s value, with positive upward trending, is above US$ 48,572.
The bitcoin community is taking this progress as an indication of the bullish signal. While the cryptoanalysts, as well as traders, have started to set up their Bitcoin predictions. Their recent predictions are overwhelmingly bigger than ever before. Some of them have been alluding that the present Bitcoin momentum is almost the same as was happened in 2013.
In 2013, Bitcoin’s price was struggling to go up but then Bitcoin sparked its momentum and there was a value increase on daily basis. There came a time when Bitcoin earned “double top” and the community is expecting Bitcoin to repeat the history once again. They are expecting that the present momentum will lead Bitcoin to earn yet another double top. The phrase “double top” is known in the field of trading and financials as an event where an asset breaks its ATH record and sets up another one. In terms of Bitcoin, it would simply mean that Bitcoin’s value will go beyond US$ 64,654 and achieve a fresh ATH.
The analysts are expecting that the bearish days for Bitcoin are over and bullish has triggered. However, whether their hopes would be able to meet their expectations is still to be seen.