Bitcoin’s Recovery From $3,800 Makes It “Most Resilient Asset”

In March this year, the Bitcoin news showed a massive drop in the dominant cryptocurrency, when BTC fell from $8,000 to $3,800 in what was seen as one of the sharpest drops in history. This rough price action was followed with Bitcoin’s recovery, helping BTC visit new highs above $7,000 and proving many things.

One of the main things that Bitcoin’s recovery proved is the ability to pass difficult times like these very quickly. A month after this flash crash, BTC was at $7,200 and now is struggling with the $7,000 mark again.

However, the big picture shows that the meltdown in March occurred concurrently with the global stock market seeing a massive selloff as investors stated being aware of how serious the Coronavirus pandemic was. Ever since then, Bitcoin’s recovery has been great – the BTC price has nearly doubled from these lows, leading many analysts to voice their opinions.

One of them was Luke Martin, who called Bitcoin (BTC) “the most resilient asset in the world.” The analyst also said that the dominant coin is a good investment, even in times like these when we are seeing the oil plunge to lows.

Take a step back think about how $BTC has almost completely recovered from the 50% drop in March.

•No limit down or trading halted
•No emergency meetings of producers to cut/alter supply
•No government pledges to start buying

The most resilient asset in the world. pic.twitter.com/8pY5g9ZQIy

— Luke Martin (@VentureCoinist) April 21, 2020

Some spot oil exchange traded funds even saw their trading halted in an effort to stop the investors from panic selling. Still, Bitcoin’s recovery has proven great and led Martin to explain that the Bitcoin price recovery from the recent lows makes it highly resilient.

Martin pointed out that “BTC has almost completely recovered from the 50% drop in March. As he said, “no limit down or trading halted” and “no emergency meetings” were held. This is why Luke Martin believes Bitcoin’s recovery is proof that BTC is the most resilient asset in the world.

Speculative but I don't think we get $btc much cheaper than mid 5000s before ATH. Dips are for buying imo👀 pic.twitter.com/BKrjPisTX0

— CRYPTO₿IRB (@crypto_birb) April 21, 2020

Meanwhile, other analysts are not as optimistic as Martin. They don’t seem to think that the ongoing rebound will end anytime soon. As one pseudonymous trader said on Twitter a while ago, BTC will decline much below $5,000 before setting fresh all-time highs.

“Speculative but I don’t think we get BTC much cheaper than mid 5000s before ATH. Dips are for buying” he explained.