In recent days, the Bitcoin price has risen more sharply again and has returned to an uptrend after falling below $ 20,000. After a few difficult months, this gives us hope again that we could see a recovery of the Bitcoin price in the next few weeks. Can the Bitcoin price soon rise above the $ 30,000 mark again?
How has the Bitcoin price moved in recent months?
The Bitcoin saw massive losses in recent months due to the onset of the bear market. In November 2021, the Bitcoin price was still at a mark of over $ 68,000. But already in the course of November, the price of Bitcoin and thus also of other cryptocurrencies fell more sharply again.
By the turn of the year, we already saw a drop to $ 48,000, which accelerated further in the months of January and February. In March and April, we were able to see a slight recovery in the Bitcoin price. But in May, the course then fell again. In June, there was a massive price drop that brought the Bitcoin price even below $ 20,000.
Why did the prices of cryptocurrencies fall so sharply?
With the all-time high in November, the top of the bull market was reached in 2021. The Bitcoin price dropped from that point on and we saw the beginning of the bear market. A bear market was the logical consequence of the massive price increases in 2020 and 2021. With the decline of Bitcoin, the prices of the other cryptocurrencies also fell massively.
The bear market has been in full swing since November 2021. In addition, external factors such as high inflation forced central banks to raise interest rates. Furthermore, strong sales on the foreign exchange market and the Ukraine war created a market situation that favored massive losses within a short time.
How has the Bitcoin price fared in the last few days?
In the last few days, we have again seen a stronger increase in the Bitcoin price. In June and the first half of July 2022, the Bitcoin price was either below or around the value of $ 20,000. However, in recent days, the Bitcoin again gained over 10% and rose above the $ 23,000 mark.
While the Bitcoin price rose relatively sharply, the other cryptocurrency prices also saw strong gains. The Polygon price, which increased by more than 30% within 7 days, was worth mentioning in particular. You can find out more about Polygon in this article.
Can the Bitcoin price rise above $ 30,000 again soon?
The Bitcoin price has seen a significant increase in the last few days. Over the past week, Bitcoin has been in a range between $19,000 and $ 21,900. Then, however, there was a breakthrough above $ 22,000 and the bulls even brought the Bitcoin price above the $ 24,000 mark in the short term.
The signals were also positive on the classic stock market, which helped the Bitcoin. Furthermore, the Bitcoin has now adapted to the increased key interest rates. The increase in May was a massive shock for the Bitcoin price and caused the heavy losses.
However, the increase was dismissed at the $ 24,000 mark. Further increases are still possible in the coming weeks. Nevertheless, we are in a bear market. A rise to $ 30,000 requires strong external signals, including from the stock market. This seems unlikely in the second half of 2022. In the long term, however, the Bitcoin price should at least stabilize and recover slightly.
Should I invest in Bitcoin?
The Bitcoin has shown in the last few days that it can stabilize and also become bullish again. This gives investors a certain certainty that the Bitcoin should not implode completely. It is now even likely that we will have reached the bottom of the Bitcoin price in 2022.
An investment in the Bitcoins still makes sense at the moment, as the Bitcoin price continues to be extremely low. At the latest by the next bull market, the Bitcoin should again gain massively in value.
