Bitcoin (BTC) is finally ending its long bearish cycle
Leading cryptocurrency Bitcoin (BTC) has finally ended its bearish streak. However, the bulls have yet to emerge.
Bitcoin, the largest cryptocurrency, has finally ended its worst bearish streak yet after touching a green candle on its weekly chart. The leading cryptocurrency narrowly escaped the tenth red candle in a row. BTC is up 5.3% in the last 24 hours. It is currently trading at $31,256.
Bitcoin is down 32.5% since the start of the year, which means bears are stuck in the driver’s seat.
Meanwhile, bearish market sentiment continues. The Fear and Greed Index continues to show “extreme fear”.
There is no certainty about what will happen after Bitcoin’s recent price increase. For example, on May 1, the largest cryptocurrency hit a three-week high of $32,375 but reversed gains the next day and then began a dangerous decline.
As previously reported, veteran trader Peter Brandt recently hinted that Bitcoin price could fall as low as $12,000 during this bearish cycle.