Bitcoin’s value has increased by 8% in the past 24 hours.
Its trading volume also saw a 65% increase.
Bitcoin has the potential to quickly rebound in value.
Bitcoin (BTC) is by far one of the largest cryptocurrencies by market capitalization.
This has made it the primary analytics token, as its value and increases or decreases essentially shape the entire crypto industry.
Bitcoin bounced off six-month lows, so is now a good time to buy it?
Take back its value
Bitcoin began to regain some of its value on January 24 as buyers stepped in to buy the cryptocurrency after falling to its lowest level in six months.
This was mainly due to the fear of a Russian attack on Ukraine and before the Federal Reserve meeting this week.
That said, the Federal Reserve has scheduled a two-day policy meeting to begin on Tuesday, January 25, and the US central bank is expected to confirm that it will soon begin draining a pool of liquidity that has supercharged growth stocks.
Around $465 million in crypto assets have been liquidated in the past 24 hours, with Bitcoin transactions accounting for $167 million of that sum.
Either way, Bitcoin has real potential to go up in value throughout the next month.
Should You Buy Bitcoin (BTC)
On January 25, 2022, Bitcoin (BTC) had a value of $36,407.94.
In order for us to have a better idea of what this point of value means for the Bitcoin (BTC) token, we will review its record value and performance over the past month.
The all-time highest value of the Bitcoin (BTC) cryptocurrency token was on November 10, 2021, when it reached a value of $69,044.77. This makes the token $32,636.83 higher at its ATH point than the value it had on January 25, 2022.
In December, Bitcoin (BTC) reached its highest point of value on December 1, with a value of $58,667.85.
Its lowest value point was on December 18, when the value of the token decreased to $45,697.92. This marked a decrease in value of $12,969.93 or 22%.
With all of this in mind, Bitcoin (BTC), with its recent increase in value, has the potential to rally as high as $38,000 by the end of February 2022.