Recently, the crypto market has been experiencing significant bullish moves as several coins saw green trends. The positive rally was led by Bitcoin (BTC), the primary crypto itself. As the market continued its uptrend, many investors believed the spring market was upon us.
Amidst the crypto spring advocates is the CEO of Ballet wallet company, Bobby Lee. He opined that the crypto market is warming up for a massive bullish rally. In an interview, Bobby expressed his positive belief concerning BTC’s uptrend.
In addition, he also talked about the general price movement of crypto assets in the market as they react to the consolidation of BTC about $30,000 in recent weeks. Bobby believed that the considerable milestone crossed by BTC demarcates a potential end of crypto winter.
According to the CEO, the primary crypto coin has created a bear-bull candlestick pattern that resembles the patterns the market always makes for about four years now. The pattern always depicts the transition between crypto winter and crypto spring, Bobby said.
He continued that after a long time, the market is finally showing its readiness to enter the spring. He added that the entry of the winter period saw BTC drop below $16,000 for the more significant part of 2022. However, as the spring approached, a massive price elevation saw BTC trading at almost a market price of $31,000 (current peak value).
Investors Prefer Cryptocurrency Over Traditional Bank
Over the years, the crypto industry has been experiencing massive adoption worldwide for several reasons. Lee pointed out that one of the reasons for the massive adoption of crypto is the opportunities it offers users over traditional banks.
The CEO explained that banks do not always retain money for their customers’ deposits in their custody. Instead, they lent it to other businesses and firms in exchange for interest. In addition, no bank is barricaded from the process, according to Bobby.
On the contrary, the reverse is the case with cryptocurrency investments. According to Bobby Lee, crypto offers users the ability to keep custody of their assets themselves, being their bank, without the interference of a middleman or counterparty risk. He added that the concept makes crypto assets like BTC a unique currency.
Furthermore, Lee opined that cryptocurrency should be considered a safe haven as it differs from and offers better utility cases than traditional finance. He added that crypto works on a system that provides both the banked and unbanked users better financial opportunities than the conventional finance system.
Latest Bitcoin Price Movements
At the time of publication, the Bitcoin price chart showed a slight downtrend of about 2.02%, as it traded at $29,660 earlier today. However, it rallied above the $30,000 price as it rose to a price level of $30,286.
The price represents 6.64% across the week and about 10% over the last 30 days. Interestingly, other price indicators like the BTC Rainbow chart suggest a bullish run for Bitcoin in the future.
Should the coin continue its current uptrend pattern, it will likely cross the $100,000 price level in a few months or by 2023 end. Fingers are still crossed as everyone waits for Bitcoin to make further movement above or below the $30,000 price mark.
