There have been several changes in the crypto price this week with Bitcoin leading the recovery in the markets. This comes days after the price of the cryptocurrency got back to a level of $32,000. A quantitative trader from Alameda Research, Sam Trabucco, has already claimed that the firm had purchased a major dip in the cryptocurrency on the 20th of July.
Trabucco further claimed that there are major recovery catalysts that could boost the price of cryptocurrencies even further. Some of them are a sharp recovery in the equity markets, fewer long liquidations in the market of crypto derivatives, and a possibility of mining in China to restart.
Crypto Price- Cryptocurrencies Recovering Slowly
Nebraskan Gooner, a podcast host, and analyst has thought otherwise- where he views the recovery of BTC as nothing but a shorting opportunity for the crypto price. Peter Brandt, an experienced trader, has also expected the cryptocurrency to go through another downturn before it finally manages to change its trend.
This price correction would definitely bring about several opportunities for quite a few new investors to come out into the crypto markets. Mary Callahan Erdoes, the Director of Asset and Wealth Management at JPMorgan, has stated that quite a few of their clients do want to invest in Bitcoin because it has been increasingly viewed as an asset class.
As far as crypto price analysis goes, Bitcoin has done relatively well. Aggressive selling by the market bears did bring the price below the resistance level of $31,000 on the 19th of July, which was soon followed by another downward movement on the 20th of July. Nevertheless, the market bulls have managed to get back their dip below a sum of $30,000 which does imply a strong rebound.
Yet, the cryptocurrency isn’t out of the woods yet- for sellers will definitely try to bring the cryptocurrency below $28,000. And if they do succeed, the currency may very well go below $28,000.
Ethereum, on the other hand, has managed to recover strongly. With its crypto price analysis, it can be understood that the longer candlestick on the 20th of July did indicate that the bulls did purchase a dip to its strong support at a price of $1,728.74.