Bitcoin Is Up 30% From Its Recent Low. What Lies Next?

Story by: Charles Bovaird

Bitcoin has enjoyed a resurgence lately, climbing more than 30% after hitting a local low below $5,800.

Yesterday, the world’s largest digital currency by market value reached $7,574.90, according to the CoinDesk Bitcoin Price Index (BPI).

At this price, it had climbed roughly 30.9% from the June 24 low of $5,785.43, additional BPI figures show.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

However, experts provided mixed views on whether Bitcoin has finally broken its bearish trend.

“Bitcoin has indeed bottomed out,” said Marouane Garcon, managing director of crypto-to-crypto derivatives platform Amulet.

“The key indicator is the amount of volume that has entered the market over the last two days. We haven’t seen volume like this since May.”

Charles Thorngren, CEO of Noble Alternative Investments, offered a similar point of view.

“I do agree that we have seen a bottom with a attractive uptrend in the works,” he said.

Thorngren offered some technical analysis on the subject, stating:

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