Bitcoin Price Reclaims $90,000, Is This Dead Cat Bounce?

The broader cryptocurrency market has seen the price of flagship digital asset Bitcoin BTC $90 093 24h volatility: 2.5% Market cap: $1.80 T Vol. 24h: $34.38 B spike to $90,000. This sudden recovery has gotten crypto enthusiasts talking, with some suspecting that it may be a dead cat bounce. By this, these entities believe that the recent rally could be temporary and short-lived. 

Strong Price Prediction for Bitcoin

According to CoinMarketCap data, Bitcoin price is currently trading at $90,220.57, which reflects a 1.94% rally over the last 24 hours. 

Also, the coin has recorded almost an 8% increase in value in the last 30 days. Presently, Bitcoin is a long way away from its All-time High (ATH) of over $126,000. However, for a digital asset that has been caught in a struggle, this slight price growth is quite significant. 

Analysts are still optimistic that the Bitcoin price will see more notable surges in a few years. Ark Invest’s Cathie Wood has predicted that the BTC price will reach $1.2 million in another five years. She had early made a bullish $1.5 million price forecast on Bitcoin by 2030 before reducing it to $1.2 million. 

Just before her prediction, top crypto trader Peter Brandt noted that BTC could hit $250,000. He added that his prediction is not a case of probability but one of possibilities, supporting it with the macroeconomic narratives he said he had been playing in his head. Brandt’s prediction also aligns with the prediction made by Charles Hoskinson in April. 

In the meantime, it is not certain if the recent recovery is a dead cat bounce or if BTC will sustain the momentum.

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