Following last week’s 27 per cent drop in the market, the Bitgert price is showing strong signs of recovery and is already up by a percentage point at press time. Today’s session mirrors the industry trends, following a mini-collapse from last week that was triggered by the fall of the second-largest cryptocurrency exchange, the FTX.
As the markets continue to recover from the fall of the FTX platform, there is a high likelihood that Bitgert will mostly mirror the industry trends for the next few trading sessions. There are also rumours that other exchanges may face a financial crunch and are likely to go bust, including Blockfi, which has already paused withdrawals. If the problems persist, then I expect the BItgert price to also be dragged down by the market forces.
There are many factors that have impacted the price of Bitgert for the past few trading sessions, among them the collapse of FTX, which triggered a cryptocurrency industry’s meltdown. Bitgert, being significantly correlated with most cryptocurrencies, including Bitcoin, their bearish trend saw Bitgert also dragged down.
However, in today’s trading session, although still trading in tandem with the industry, Bitgert is showing signs of improvement in the market and is already up by a percentage point. The start of the bullish comes hours after Bitgert hit a price low of $0.00000031, the lowest it has been since July.
Therefore, based on recent price action, industry trends and the latest fundamentals, such as the ongoing unravelling of the FTX platform, I expect the next few trading sessions to be relatively bullish. There is a high likelihood that we might see prices returning to their pre-FTX collapse levels of $0.00000048 in the next few trading sessions.
However, a drop below today’s price low of $0.00000031 will invalidate my bullish analysis. The drop will also signal a possible continuation of last week’s aggressive bearish trend.
This post was last modified on Nov 14, 2022, 15:06 GMT 15:06