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Bitcoin had a rebound to cross the $24,000 mark as of July 20, posting its highest gains in a month as U.S. stock indices recovered and the dollar weakened. Speculations have been rife that the prolonged crypto bear market, which had seen the top cryptocurrency graze the $18,000 price range in June, is over following its bounce back above $20,000.
This saw the likes of the famed billionaire investor, Mike Novogratz, who described the recent turbulence in the crypto markets as a credit crisis, maintaining that the “worst is over” and predicted that Bitcoin would hit $500,000 in the next five years or so.
Changes are seen since the rebound
Despite the tightening in monetary policies and the troubles that faced Celsius, Voyager, 3AC, and the TerraUSD stablecoin in May, Bitcoin has managed to escape the $19,000 level to $22,000.
The spike coincides with the July 19 shifting of the Crypto Fear and Greed Index from the "extreme fear" to "fear" level as its score has now hit 30 out of 100.
The Index, which analyzes the current sentiment of the Bitcoin market based on market volatility, Google search trend data, volume, and dominance among other factors, assumes that the transition from the “extreme fear” level could indicate a buying opportunity - or a mild Fear of Missing Out (FOMO) signal.
Also, on-chain metrics firm, Santiment, suggests that traders are "changing their tune" and are “smelling a long-term breakout” as it shows that the ratio between the top cryptocurrency’s longs and shorts hit its highest point since early May.
Bitcoin going forward
While the news of Tesla's dumping of 75% of its Bitcoin holdings does not seem to have had much impact on the entire market, reports of Warren Buffett acquiring digital "neobank", NuBank —-which now offers crypto trading to 54 million customers— suggest Bitcoin and other cryptocurrencies are entering a somewhat new realm.
Shortly after the Bitcoin price rose by 10% recently, the hereditary Prince of Serbia, Philip Karageorgevitch, said it's only a matter of time before "every country" eventually adopts the cryptocurrency, saying it's "definitely going to happen." It brings to mind the prediction by Wall Street giant, Fidelity, earlier this year that other countries and even a central bank could follow in El Salvador’s steps to make Bitcoin legal tender this year. The firm notes that those who buy Bitcoin while the price is low "will be better off competitively than their peers."
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