Bitcoin’s price briefly hit $58,000 today for the first time in a while. Earlier in the day, the price dropped below $60,000 following news that the defunct exchange Mt Gox would pay creditors in July. However, data from Santiment suggests that the recent rebound, based on “bottom” narratives, could lead to a potential price recovery for Bitcoin, based on historical trends.
The recent price drop in Bitcoin has once again caused uncertainty in the cryptocurrency community and triggered FUD (Fear, Uncertainty, Doubt). Despite staying below the $69,000 level for two weeks before the drop following the FED’s interest rate decisions, Bitcoin has experienced similar price fluctuations in the past, according to data shared by Santiment.
The report shows that during periods when the term “bottom” reached its peak, Bitcoin’s price increased, providing hope for investors concerned about the cryptocurrency’s fluctuating movements. Bitcoin is currently attempting to remain above the $60,000 region and has seen a 5.21% drop in the last 24 hours. The price fell below $58,500 earlier in the day, but has since risen back above $60,000.
As Bitcoin’s price continues to fuel FUD, there is ongoing curiosity about what might happen as the US elections approach. There have been comments suggesting that former President Donald Trump, who is running again, has been in discussions to be a speaker at the Bitcoin conference in July.
In recent weeks, Trump and his team have taken several steps during the election process, including accepting donations through Bitcoin and other cryptocurrencies in the campaign. Criticisms of the current government’s stance have garnered significant support from the cryptocurrency community for Trump. Recently, Trump stated that he would “end Joe Biden’s war on crypto” and work to make the US a leading country in Bitcoin and innovation.
Disclaimer: The information in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and risk, and should conduct their own research.
