Bitcoin (BTC) price has been the center of interest in the crypto space in the last few weeks. The price, however, has been about stagnant for the past few days, hovering around $5,000. This has generated a bit of panic as many expected a swift rise to a safe height of over $6,000.
An analyst, Crypto Michael, notwithstanding, says there is no need for such panic because Bitcoin price at above $3,000 is a good sign of hope that a surge from there is likely. The prominent crypto commentator mostly known on Twitter assures that the $5,000 price will be laughed at a few years down the line as Bitcoin has a very bright future.
Also a crypto trader, Michael made this statement following a bearish prediction by the president of Lucid Investments Tyler Jenks who said Bitcoin will likely crash to $1,000 following the pullback in the last few days.
Crypto Michael is confident that Bitcoin will remain above $3,000 because the asset has faced a lot more pressure in 2018 when the bear market was most intense but could not break below the price. It is therefore unlikely that the price will break the level at this time with several metrics suggesting an end to the bear market.
Bitcoin had risen to nearly $5,500 before crashing down to just above $5,000, sometimes going below that mark but returning fast. Experts have described this as a correction for an overbought situation a few days ago and Weiss Ratings says its models a likely downward trend.
However, the price has remained above $5,000 sometimes climbing above $5,100. It may be more likely for Bitcoin to be on its way up the next time it makes a significant move as experts say the winter is over. Even if it crashes below $5,000, chances are it will rise above it when the market starts moving.
For now, the asset is almost stagnant at $5,080,switching between green and red often. It might seem insignificant but crypto enthusiasts as well as investors must be watching eagerly to see what happens next.