According to data from 99 Bitcoins, Bitcoin has managed to overcome its 474th near-death experience and come out on top.
The website tracks every instance where the media declares BTC to be dead, and yet the cryptocurrency continues to survive.
With the price of Bitcoin surpassing $26,000, many in the crypto community are hopeful that the prolonged crypto winter may finally come to an end.
This optimism is fueled by a remarkable 33% increase in the asset’s value over the past seven days. As of Friday evening on March 17th, the price of BTC fluctuated around the $26,200 mark, a testament to its resilience and enduring popularity.
It’s worth noting that the recent cross-over of the “death cross” in the one-week timeframe for Bitcoin’s price may provide further motivation for those hoping for a revival of the crypto market.
This development could serve as an additional source of inspiration for those who have been closely following Bitcoin’s progress, as it suggests that the market may be on the verge of a turnaround.
With so much speculation and anticipation surrounding Bitcoin and the broader cryptocurrency space, it’s impossible to say for certain what the future holds.
However, the recent “death cross” crossing is certainly an encouraging sign for those who believe in the potential of this emerging asset class.
The recent crossing of the “death cross” by Bitcoin’s price has been widely interpreted as a bearish signal, but some market observers are now suggesting that the market may be primed for a rebound.
Overcoming this signal could be seen as a sign that the crypto spring is on its way, accompanied by a new bullish trend.
Meanwhile, there is another fundamental factor that has caught the attention of experts: the proof-of-work (PoW) system that underpins the Bitcoin blockchain.
According to this theory, commodity-like assets tend to gravitate towards the cost of their production when supply exceeds demand.
This means that the crypto community may have some sense of the theoretical price floor for Bitcoin, which could serve as a valuable guide as the market continues to evolve.
Overall, there is no shortage of factors that could impact the trajectory of Bitcoin and other cryptocurrencies, but many remain optimistic about the potential for growth and resurgence in the coming months and years.
Capriole’s founder and CEO, Charles Edwards, recently weighed in on the significance of Bitcoin breaking the $26,000 price point.
According to Edwards, this level is particularly important in terms of the asset’s overall cost, as surpassing it in the past has led to some of the largest uptrends in recent years.
In fact, if the BTC/USD ratio can continue to rise above $26,000, it may serve as a clear indication that the crypto winter is finally coming to an end.
Looking ahead, Edwards has even suggested that Bitcoin may be gearing up for a “perfect $100,000 spurt” in the near future.
While it’s impossible to predict the exact trajectory of the cryptocurrency market, Edwards’ bullish outlook is certainly a testament to the growing optimism and excitement surrounding this emerging asset class.
As Bitcoin and other cryptocurrencies continue to evolve and gain mainstream acceptance, it’s clear that they will continue to capture the attention of investors and market observers alike.