Is it a short-term recovery?

The most dominant cryptocurrency in the global market known as Bitcoin, has recovered beyond the $9,000 for the first time since March 14, exactly a week ago. It is hard to predict at this moment whether BTC or other cryptocurrencies will be able to sustain this momentum in the upcoming weeks. If we take a deeper look from the previous month, the price of bitcoin dropped to $6,000 region from $12,000 region. And this is the analysis of just few weeks back. From yesterday, we saw that the bitcoin price recovered to $9,000 and it is moving towards the $10,000 region.

Bitcoin suffered the worst correction to date since the period of January to March, as the price dropped from $19, 000 region to $6,000 region. Yet, we see from middle of December and till January it recovered from the drop of $10,000, likely we say from $13,000 to $12,000 region and then back to $13,000. So in this case we can say that bitcoin has managed to gradually rebound and get back from the major drops.

At the moment, the price is growing towards the positive side due to the last bitcoin price which has been recorded. If we summarize the whole situation it gives us again the same idea which happened previously from the middle to December till January. Furthermore, the analysis shows both ways; a positive and a negative decline, it probably be an identical change which people needs to look forward and change the current trend of decline and it will again go the price range of $20,000 or more.