Bitcoin to remain in $30,000-40,000 range: Mudrex's Edul Patel

cnbctv18.com:

Bitcoin and Ethereum recovered on Friday after tumbling to their lowest in a month the previous day after Russian forces’ attack on Ukraine.The world’s largest cryptocurrency Bitcoin went up 10.24 percent to $38,603.80 today and its market cap increased to over $732 billion in the past 24 hours, according to CoinMarketCap.Ethereum, the second-largest crypto, too recovered from the recent losses and surged 11.46 percent in a day’s time to $2,614.06. Its market cap stood at $313 billion at the time of writing.Even as most experts do not expect exponential growth of crypto tokens in the near future, global cryptocurrency investing platform Mudrex anticipates Bitcoin to remain between $30,000 and $40,000."BTC’s support ranges between $30,000 and $40,000.

According to the market cap, few of the top altcoins have gained decent growth over the past day," Edul Patel, Co-Founder and CEO of Mudrex, told CNBC-TV18 in an interview.>>Also Read | Is crypto illegal in India or not: SC asks Centre to clarifyHe noted that the coming weeks would be critical for the entire crypto market given the ongoing tensions between Russia and Ukraine.Earlier this week, Du Jun, Co-Founder of Huobi, said Bitcoin may only see a new bull run in 2024 or 2025 once the blockchain sees a new halving. “Following this cycle, it won’t be until the end of 2024 to the beginning of 2025 that we can welcome next bull market on Bitcoin,” he told CNBC.Commenting on the trajectory of how the digital asset may perform, he said it is really hard to predict exactly because of the multiple factors that can affect the market including geopolitical issues and the COVID-19 pandemic, according to a CNBC translation of his comments in Mandarin.