We saw how the leading cryptocurrency and altcoins smashed previous records to hit their all-time high. We also witnessed how the market was in free-fall after China launched its crackdown on Bitcoin mining.  

After suffering for over two weeks, Bitcoin is once again green and is trading around the $47,000 mark. Many enthusiasts are already betting big on the bullish trends but experts hint caution. If one is sailing on the bull boat, it may be too early as the current upsurge is mostly a cumulative effect of few pro-crypto events. 

Explaining the price rise,  Ulrik K.Lykke, founder of crypto assets hedge fund ARK36 said in his interview with Reuters: “The digital asset market is benefiting both from the seasonality effect as well as generally positive market fundamentals.”

“Q4 has often seen strong performances and the expectation the trend will continue this year can become a self-fulfilling prophecy. It is possible that we will see new all-time highs in Q4, especially that on-chain data, particularly in the case of bitcoin, seem to indicate a potential for a strong bull market continuation,” he added. 

Amidst China’s crackdown and imposition of a blanket ban on Bitcoin and cryptocurrencies, U.S. Federal Reserve Chairman Jerome Powell Powell confirmed they are not banning crypto. It triggered the market prices leading to stronger investor confidence. However, it would be too early to say if it’s a correction or just a spontaneous response. As such, it would be a bit hard to rule out an imminent crash.

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