Bitcoin (BTC) made unexpected gains on March 19. The price of the leading cryptocurrency has reached its highest level in the last six days. Coin360 and Cointelegraph Markets data showed that BTC / USD increased by 11 percent in 24 hours.
Bitcoin’s $ 5,630 level marks the highest level since March 13, when the cryptocurrency fell to the lowest levels not seen since 2018. Since then, BTC has improved by more than 50 percent. According to the CoinMarketCap data, BTC was trading at $ 5,550 at the time of writing.
However, analysts are not expecting a huge increase. As previously reported, veteran trader Tone Vays has warned that Bitcoin is preparing to drop by $ 2,000 by May.
There will be a fluctuation for a while
Cointelegraph Markets analyst filbfilb expects to see an increase of $ 4,000 to $ 6,000 in the short term. Filbfilb told Telegram channel subscribers: “We want to see a clear rejection below 4.8k and focus on trading by going upstairs. It will be really wavy for a while. ”
Statist Willy Woo believes that it will take time for Bitcoin to fully recover. Woo said that Bitcon will remain in the accumulation range for a while. Also, according to the analyst, the leading cryptocurrency is still showing bullish signs.
ECB participates in rescue plans
Meanwhile, losses in traditional markets have come up with the announcement of a big new incentive package against coronavirus. This time, the European Central Bank (ECB) announced a package worth 750 billion euros.
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