Bitcoin's (BTC) trading value has reached over $42,000 on Sunday, Sept. 26.
Over the past week, the world's biggest cryptocurrency has experienced a decline of 11.69% following China's crypto crackdown this week.
With BTC's attempt to be a trendsetter among cryptocurrency bulls, a popular analyst on Twitter said that the digital currency will not stay below $37,000 for a long time.
Crypto Trader Comments on Bitcoin's Long-term State
According to Cointelegraph's recent report, some Bitcoin sellers attempted to turn the tides with a $40,000 flip.
However, they did not succeed in the act as BTC's price declined to $40,800 overnight.
Even amid volatility and several protests about this cryptocurrency, BTC stayed afloat in the competition with other virtual currencies. It caught the eye of the analysts who were concerned about Bitcoin's state in the long run.
Over Twitter, one of the most famous Bitcoin traders said that the potential floor for the huge cryptocurrency could sit at $37,000.
"This looks healthy on the HTF's and is likely forming a base over the previous HH on the way to ATH's and potentially an HL here at the Summer PoB," Pentoshi tweeted about BTC's condition.
The crypto trader added that while Bitcoin could go down as low as the $37,000 mark, it would not remain there for a long time.
Most importantly, Pentoshi detailed that the usual bidding place of the buyers sits at around $36,000 to $40,000.
The Bitcoin investor noted that he has never seen before the unusual bid size for BTC. The top value of the cryptocurrency would involve a number that we cannot comprehend, according to him.
Bitcoin Rises as Cardano and Ethereum Fall
Cardano and Ethereum are not on the same page with BTC.
News18 reported that while Bitcoin's market cap was placed at $795.22 billion on Sept. 26, Ethereum's price nosedived to $2,857.18. It was a decline of 2.48% on its part.
On the other hand, another cryptocurrency, Cardano, has dipped at 5.25% ($2,857.18).
At the time of writing, its market cap sat at $72.22 billion.
Following China's regulation about the latest cryptocurrency crackdown, several exchanges saw a decreasing trend in the value of the coins.
The major price crash has impacted the crypto-focused industries, as a result. At the time of the announcement, the Central Bank of China said that all crypto transactions are "illegal."
Bitcoin Wallet is Revived After Many 9 Years
Earlier this week, we reported that a crypto wallet has been reactivated after its nine-year inactivity.
The said digital wallet, which contained Bitcoins, was believed to be carrying 80,000 BTC. If it would be converted to the USD, that's a whopping value of over $3 billion.
For nearly a decade, its value saw a meteoric rise of $26 million from $8,000. The second most dormant crypto wallet houses 53,00 BTC inside it.
This article is owned by Tech Times
Written by Joseph Henry