Cryptocurrency prices experienced a morning surge yesterday in trading, reflecting a mixed sentiment regarding Bitcoin’s short-term outlook amidst market corrections post the introduction of exchange-traded funds (ETFs).
Investments are diversifying between new financial instruments and crypto assets. Bitcoin saw a 0.86% increase to $42,228.30, Ethereum rose by 0.56% to $2,270.97, and Ripple increased by 0.21% to 52.76 cents, reports Al-Jarida daily.
Marcus Thelen, founder of 10X Research, recommended investors consider repurchasing Bitcoin when it surpasses $43,000, focusing on deals showing reversal indicators, signaling a potential low and tradable price level.
Meanwhile, Chris Prensky, former head of crypto-asset business at Arc Invest, suggested a possible further decline in Bitcoin before finding a price bottom, attributing this to new investment product adoption and development. Prensky predicted a range of $30,000 to $36,000 but expressed optimism about Bitcoin’s long-term prospects, anticipating it would eventually reach new record highs.
