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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.
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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.
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,”.
1/ A lot of panic in the market today.
Zooming out, #bitcoin is actually performing well and as expected for this stage of cycle.
A clear $BTC breakout above Realized Price. pic.twitter.com/q4vTzJZBtg— Philip Swift (@PositiveCrypto) May 25, 2023
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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Start TradingThe post What Can Be Expected of BTC’s Long-term Value and Strength? appeared first on Bitcoinsensus.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.