Bitcoin reached nearly 21 thousand dollars; Is the gas stove heading for a bull market?

Over the past few days, Bitcoin has been on an upward trend and at the time of writing, it is trading at $20,883 on exchanges. Seven days after the controversy of the FTX exchange, the price of Bitcoin has grown by 24%.

According to the publication BitcoinistThe price growth is also seen in several other cryptocurrencies; But the rate of growth of Bitcoin has been better than others. Probably, the increase in the price of Bitcoin is the result of optimistic investors entering the crypto market.

The rise in the price of Bitcoin may be surprising at first glance; But since the consumer price index (CPI) indicates the improvement of the economic situation, the continuation of the upward trend of Bitcoin is not far from expected.

Analysts say that if the current situation continues, we will probably see the beginning of a bull market. Bitcoin seems unable to break the current resistance; But maybe this will happen in the coming days.

During the collapse of the major exchange FTX, the value of Bitcoin fell by 27%, and we saw a similar decline for other cryptocurrencies. As Bitcoin approaches $21,000, many short positions in the cryptocurrency have been liquidated.

The growth in the price of Bitcoin has led some investors to expect the beginning of a bull market in the coming days. Most Bitcoin enthusiasts have made positive predictions about the future of this cryptocurrency on Twitter.

Currently, the dimensions of Bitcoin’s candlestick chart are similar to the one that confirmed the 2019 bull market, one analyst says. You can never predict the future based on past performance; However, a large number of crypto fans have a positive outlook on the price of Bitcoin in the coming days.

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