Bitcoin (BTC) and Ethereum (ETH) were hit hard on March 10, rising more than 1% in the past 24 hours, as the risk of potential contamination from the collapse of Silicon Valley Bank (SVB) loomed large in the cryptocurrency market. Amid such banking disasters, while the cryptocurrency community has come to recall the fundamentals that underpinned Bitcoin and why it was first launched in the weeks following the collapse of Lehman Brothers in 2008, investors have only one question on their minds; Will the coin go up or down? Let’s take a closer look at what’s next for BTC.
Bitcoin Price Holds at $20,000
Bitcoin prices boldly held above $20,000 as regulators’ keen eye on the market shook the cryptocurrency market after Circle, the issuer of one of the largest stablecoins, USDC, announced that SVB still has $3.3 billion in reserves. Some market experts see the drop in the biggest crypto as a healthy price correction after trying and failing to breach the psychological barrier of $25,000.
Nevertheless, after the news that USDC, DAI, GUSD and many other stablecoins lost their peg to the U.S. dollar, the total value of the cryptocurrency market fell below $920 billion for the first time since November 2022, of which only 200 in the futures market Over $1 million was liquidated in the past 24 hours. In this graph, the largest share belongs to the liquidation of Bitcoin futures, with more than $60 million in Bitcoin futures positions liquidated. But even that is not enough to shake Satoshi Nakamoto’s precious gains, and according to the price charts, BTC is currently preparing for a larger recovery.
Is Bitcoin Preparing For A New Bull Run?
CryptoCon, one of the leading cryptocurrency analysts, claims that just before the BTC price started a strong bull run, it reflected similar price patterns to those observed in 2015 and 2020.
The analyst pointed out that, purely from the data, a situation similar to the current situation occurred about six times in 2015 and twice in 2020. Furthermore, he emphasized that Bitcoin exhibited a trend similar to its slow and methodical approach in 2015, which will almost certainly repeat itself over time.
Information source: compiled from COIN-TURK by 0x information.Copyright belongs to the author Ömer Ergin, without permission, may not be reproduced