Bitcoin (BTC) has a reputation for shaping the entire crypto industry. It is one of the most mined tokens because it uses the Proof-of-Work (PoW) consensus mechanism.
This means that developments in the world, as well as regulatory changes, can have a significant impact on its value.
In any case, despite its recent DIP, BTC has seen some level of growth and has recovered in value.
The reasons for BTC
Bitcoin’s Bullish Indicators as Growth Catalyst
The Biden administration is developing a strategy as a way to regulate cryptocurrencies because the national security challenges posed by bitcoin was one of the reasons the token has recently fallen.
Additionally, Federal Government Stocks have launched a massive campaign for traders to sell their BTC holdings. Geopolitical conflicts also have the ability to alter the value of the BTC token. More specifically, Russia and Ukraine are accumulating tensions on a global scale.
However, the popular analyst Matthew Hyland revealed bullish indices of BTC’s Relative Strength Indicator (RSI), where across multiple chart periods, RSI hit its most “oversold” levels since March 2020. “The previous two breakouts over the past year have led to several massive bullish moves,” Hyland added.
Once all of this is settled, BTC has real potential to recover in value and rise from its current price of $38,059.
Should you buy Bitcoin (BTC)?
As of January 30, 2022, Bitcoin (BTC) had a value of $38,059.
To get a better idea of what this value point actually indicates for the Bitcoin (BTC) cryptocurrency token, we will review its all-time high as well as its performance throughout the previous month.
The all-time high of Bitcoin (BTC) was reached on November 10, 2021, when the token reached a value of $69,044.77. This means that at its ATH, the token was $30,985.77 or 81% higher in value.
Bitcoin (BTC) had a value of $58,667.85 on December 1, with its lowest point.
The token then declined in value to $45,697.92 on December 18, which marked its lowest point of that specific month. This marked a decrease in value of $12,969.93 or 22%.
With all of this in mind, BTC has the potential to reach a value of $40,000 by the end of February 2022, making this the perfect time to buy the BTC cryptocurrency token.