Bitcoin price could bounce to $35K, but analysts say don’t expect a ‘V-shaped recovery’
Altcoins saw a relief bounce on May 13 as the initial panic sparked by Bitcoin's sell-off Terra's UST collapse and multiple stablecoins losing their dollar peg begins to decrease and risk loving traders look to scoop up assets trading at yearly lows.Despite the significant correction that occurred over the past week, Bitcoin (BTC) bulls have managed to claw their way back to the $30,000 zone, a level which has been defended multiple times during the 2021 bull market.
Here’s a look at what several analysts have to say about the outlook for Bitcoin moving forward as the price attempts to recover in the face of multiple headwinds.Insight into the minds of derivatives traders was provided by cryptocurrency analytics platform Coinalyze, which assessed Bitcoin long to short positions for BTC/USD perpetual contracts on ByBit.
Read more on cointelegraph.com
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