The price of the world’s biggest cryptocurrency climbed by as much as 10% on Monday as market players chose to take positions during last week’s dip.
- Bitcoin was trading over $53,000 at 8:10 eastern time Monday from just over $49,000 on Saturday morning.
- JPMorgan last week warned of a further drop of Bitcoin as buying momentum waned, dragging the digital asset to $47,953, hovering around two-month lows.
- Concerns over bubble issues also surfaced after the collapse of two crypto exchanges in Turkey.
- Analysts say investors saw the slide as an opportunity to add positions, as corrections are not threats but instead a change to gain more.
- The digital asset is seen to drop even further to around $42,000 based on technical analysis, as the market is “long and wrong above $60,000 of fiat currency.”
- Over the weekend, Tesla Chief Executive Officer Elon Musk, who has been vocal about cryptocurrencies, posted “What does the future hodl?” a nod to the saying “hold on for dear life” on assets.
TSLA:Nasdaq is up 1.11% premarket.