BTC’s path to full recovery is 80% complete.
Experts believe that BTC could suffer a deep slump due to increased payouts from traders.
Mike Novogratz, a crypto expert, advises users to further encrypt their BTC.
Bitcoin (BTC), the leading crypto currency in terms of market capitalization, is gradually approaching £12,130 as the bulls continue to dominate the market. The coin opened Monday’s trading at £11,730 before closing the day with a downward correction to £11,624. On Tuesday, the BTC made little movement and traded at £11,594. Yesterday, the coin made significant gains, reaching an intraday high of £12,069 before correcting downwards and closing the day at £11,906.
At the time of writing this article, BTC has managed to make an upward correction to reach and exceed yesterday’s high. The coin is trading at £12,072, a gain of 3.58% in the last 24 hours. According to data from CoinMarketCap, the coin has had a trading volume of £25,333,009,087 in the last 24 hours with a market capitalization of £222,917,086,685.
According to analysts, BTC’s current resistance level is £12,100. If the bulls persist, the coin will hit its next resistance level at £13,034, which could be its last resistance level before testing its all-time high (ATH) again at £14,995.
The price of BTC is 80% of its ATH
According to Yassine Elmandjra, the BTC price of a cryptanalyst is recovering almost completely, 692 days after the coin reached its ATH on December 17, 2017.
The analyst unveiled this news in a tweet note,
“The price for bit coins is now 80% higher than ever before and comes closest to a complete recovery. In the past, it took an average of 12 days to go from an 80% recovery to a full recovery.
UPDATE: Day 692
The price for bit coins is now 80% higher than ever before and comes closest to a complete recovery.
In the past, it took an average of 12 days to go from 80% recovery to full recovery. pic.twitter.com/UqYW4iOUmA- Yassine Elmandjra (@yassineARK) 6 November 2020
Despite the coin’s unbroken upward momentum, experts believe that traders could start making profits. According to the experts, this will inevitably lead to the coin crashing again. While most traders believe that it is wise to cash out while the BTC price is performing well, Mike Novogratz, a well-known BTC supporter and former hedge fund manager, advises against it.
Novogratz has tweeted this,
“The hardest thing about a bull market is to sit. My friend Paul Jones calls it the ‘pain of winning’. This is a $BTC bull market. Your job is to sit on your hands and lock your phone away. The instinct to ring the cash register is great. Do not do that. Only HODL right now. Free advice.”
The hardest thing to do in a bull market is to sit. My friend Paul Jones calls it the “pain of winning.” This is a $BTC bull market. Your job is to sit on your hands and lock your phone away. The instinct to ring the cash register is great. Do not do that. Only HODL right now. Free advice – Mike Novogratz (@novogratz) November 5, 2020.