Bitcoin retreats to 48,000 USD, many people are still optimistic

Not long to rise and breathe, Bitcoin has quickly dived

Over the past week, although Bitcoin bulls have still shown an attempt to recover and grow from the $43,000 fall, the results have yet to be seen.

The movement chart from Coingecko shows that over the past 7 days, the Bitcoin price has made an upward move from the previous low but has not been able to hold.

The cryptocurrency climbed from $44,000 to $49,000 in just 3 days (August 19 – August 21), and then broke through the $50,000 mark to hit a 3-month high at $50,309.

At the time of writing, the BTC price is having a correction towards the $48,000 threshold. Market capitalization dropped to $905 billion and BTC Dominance hit 42.3%.

Although the movement of Bitcoin has not been smooth, many people still maintain optimism.

FTX analyst, Jonathan Cheesman, said that money is still pouring into the crypto market, especially Bitcoin and Ethereum, while the NFT trend is still being embraced by many people.

The founder of wealth management firm Ark Investment, Cathie Wood, said that businesses should consider adding Bitcoin to their balance sheets, predicting the price of Bitcoin will not stay below $50,000 for any time. next.

“Bitcoin price is going up faster than I thought, the way forward is still pretty good,” said Bensignor Investment Strategies CEO Rick Bensignor.

Trader Boris Hristov said: “A retest of $48,000 will threaten the $45,000 support, next time we have to keep a close eye on this area.”

He believes that the Bitcoin price will have a major correction when it reaches the threshold of 57,000 USD but he advises investors not to worry, BTC will bounce back soon.