As the world’s leading cryptocurrency, Bitcoin directs widespread attention, particularly amidst the current market volatility.
Despite its overall strong performance, Bitcoin has experienced notable fluctuations in the past month.
BTC is trading at $26,260 (at the time of writing) but is at a ten-week low currently.
Here is a graph by CoinMarketCap, showing the price of the crypto king over the last month.
Based on available data, Bitcoin is currently trading at its lowest point since mid-March, causing a sense of panic within the crypto market. However, despite this downturn, Philip Swift, a seasoned analyst, remains optimistic about Bitcoin’s future.
While there is a possibility of a temporary drop to as low as $20,000 in the coming months, Swift still anticipates a price breakout for Bitcoin.
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The long-term strength of BTC’s price movement can be determined by taking a look at its realized price. The realized price is the aggregate price at which Bitcoin supply moved recently.
Philip Swift also shared a tweet and stated “Zooming out, bitcoin is actually performing well and as expected for this stage of cycle. A clear BTC breakout above Realized Price,”.
Furthermore, a glimmer of hope emerges from the observation that individuals are displaying limited interest in selling their Bitcoin holdings at the present prices. This could suggest big moves soon for the flagship crypto asset.
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