The cost of the first cryptocurrency has overcome the mark of $26,000, which gives the crypto community hope for the end of the crypto winter soon. In any case, such a conclusion can be drawn against the backdrop of a 33% increase in the asset over the past seven days. By the evening of Friday, March 17, the BTC price fluctuated at $26,200.
Additional inspiration can be given by the fact that the revival of the crypto market can happen right now, as the price of bitcoin crossed the “death cross” in a one-week time frame.
Since the “death cross” is a proven bearish signal, overcoming it becomes the best argument in favor of the crypto spring approaching, and with it a new bullish trend.
At the same time, market experts draw attention to another fundamental sign of a likely revival. Because of the proof-of-work (PoW) system underlying the Bitcoin blockchain, the crypto community may have some idea of the theoretical price floor. The point is that the prices of commodity-like assets gravitate towards the cost of their production – after supply exceeds demand.
Charles Edwards, founder and CEO of investment firm Capriole, said breaking the $26,000 mark makes the level particularly important in terms of the cost of the asset. According to the businessman, exceeding the level in the past led to one of the largest uptrends in recent years. If the BTC/USD ratio can exceed $26,000, then it can be said that the crypto winter is finally over.
The other day, Charles Edwards said that Bitcoin is preparing for a “perfect $100,000 spurt.”
Source: Bits
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