In the last 24 hours, Bitcoin hit the intraday highs of $20,432 before hitting reverse. The largest cryptocurrency by market size is currently trading at $19,408, having once again fallen below $20,000 in price.
The price of bitcoin can increase to $19,750 if it continues over $19,350. Near the $20,000 mark, there is the first significant opposition. At $20,450, there is a significant resistance level above which the price may begin to rise steadily.
Bitcoin’s performance experienced a significant drop in value as it lost 1.29 percent. The worldwide cryptocurrency market too has struggled to keep up, losing 0.63 percent in the past day.
Keeping Odds at Bay
A Wall Street businessman believed that when traders wonder when Bitcoin will rebound, there will be a rally. The entrepreneur noted that the time frame for storing Bitcoin over a long period of time is somewhat lengthy.
“Bitcoin price will ‘almost certainly’ climb over the next three to five years. If you take a three or maybe five-year horizon, I would be shocked if you did not make money. Because the underlying fundamentals of Bitcoin are really strong.”
While the traders are pondering the question, “Will crypto recover?” Jordan Belfort, a former stockbroker, claimed that a bounce is nearly a given. His forecast for the price of bitcoin is for long-term investors, between three and five years.
Belfort is upbeat about Bitcoin’s long-term prospects, according to a Bloomberg story. The former stock broker is unsure of Bitcoin’s near-term prospects, though.
He believed that some traders’ success in trading Bitcoin could be down to luck. According to Belfort, if their odds are in their favour, investors will almost surely profit from their Bitcoin investments.
According to Glassnode, June was Bitcoin’s worst-performing month in the previous 11 years due to a 37.9 percent decline in price. Additionally, Bitcoin saw its worst quarterly performance, shedding more than 60% of its value in the second quarter of 2022.