Crypto fans have recently through one of the most challenging quarters in history. Despite a recent rebound, concerns about overregulation, a Chinese mining crackdown, and environmental concerns have contributed to the sector’s bleak outlook.
Bitcoin’s (BTC) price has risen above $40,000 for the first time since June 16 as investors seek to profit on the short-term bullish sentiment.
Bitcoin is currently trading at $39,818 per coin, up 5.06% in the previous 24 hours. Earlier today, the value of the world’s largest cryptocurrency reached $40,816. As a result, BTC’s price reached the 100-day moving average (DMA) for the first time since it fell below it in mid-May.
According to industry professionals, the crypto market’s intermediate prognosis is good, even if the mood is not. According to Coindesk, many crypto industry professionals and CEOs are still bullish on Bitcoin.
Ryan Moore, CEO of Mode Global Holdings, a UK-based fintech firm, stated that he remains optimistic about bitcoin despite price swings.
He also mentioned that Bitcoin had established itself as a store of wealth, which will only be strengthened by Millennial and Gen Z investors. Moreover, its uniqueness, durability, and confidentiality have long-term utility and value by fiat and cryptocurrency criteria.
Similarly, Richard Byworth, CEO of EQONEX, a crypto-financial services company, Is still optimistic about the rest of the year. The Chinese mining crackdown has affected the price, as miners have migrated and hash power has decreased. Still, in the long run, this is bullish and will make Bitcoin more robust.