Bitcoin (BTC) spiked on May 5th after a period of ongoing depreciation.
BTC price approaching $ 58k
According to data from Cointelegraph Markets Pro and TradingView, the BTC / USD pair gained 7 percent on Wednesday to $ 57,450.
Bitcoin is experiencing such a comeback for the second time in the past week. As the downtrend is coming to an end, analysts are watching closely how BTC will rise, which fell to $ 53,000 last night.
Decentrader Co-Founder Philip Swift suggested that the indicators point to a continuation of the long-term bull market.
Bitcoin Price Index: How much is 1 Bitcoin in TL? (BTC TL)
Swift, in his posts he shared in the past hours “I think Bitcoin will not crash and consolidate before it rises any more,” he said.
“Many other indicators show that BTC has much more bullish potential and the cycle is not over.”