A Local Bottom or Reversal Incoming?

After a long scary week that looks like it was not going to end finally came to an end with a little bit of hope and a smile to the crushed and hopeless heart when Bitcoin finally bounced back to its $30k mark earlier today. Though it’s not encouraging as that’s not what we want but it’s something and starts to look out for and hopefully it keeps the pace.

If not all, at least 80% of altcoins lost above 50% of their value during the week, it was a nightmare for so many investors as they watch their funds plummet before their eyes and it won’t be easy to get those value back overnight but with Bitcoin starting to climb, hopefully, other coins will follow because it’s like an anchor to other altcoins.

One of the coins that bounced back with a high gain is Polkadot (DOT) it saw the highest gains among some coins that followed Bitcoin up and it gained above 30% making its current price $10.89 and Cardano also got an increase by 18,74% making its current price $0.55.

However, Bitcoin and Ethereum are still shaky trying to hold the $30k margin and $2,000 margin, making their gains above 7% within the last 24hours. Well, it’s not still certain that they will however climb up as analysts still believe that Bitcoin is still in the extreme fear zone on the Fear and Greed Index and traders are beginning to wonder if the $30k is just a slight delay for the pain its yet to bring.

According to an analyst, Arthur Hayes, he’s a well-known figure in the crypto industry, he has predicted that the price target for Bitcoin is $20,000 and Ethereum will be $1,300, and the inflation is going to be on for a very long time and if care is not taken it might even go below $20k to $14k.

This is really heartbreaking to hear and I just hope it doesn’t happen because this is supposed to be a good time for Bitcoin now that LUNA which is one of the systemic risk factors of Bitcoin has been suspended, it should be on the rise so why the inflation still standing.

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