Mark Connors, the chief investment officer of Risk Dimensions, linked the current uptick in the first cryptocurrency to closing short positions in the market, not to a trend reversal.

The expert points out that, although quotations have recovered, the overall bear phase is not yet complete. Turning the tide requires a sustained rise in real demand for Bitcoin, and so far the market is facing strong levels of resistance. Connors points out that one can only talk confidently about the start of a bull trend once the price settles above $75,000.

He does not rule out a return to $100,000, but in the longer term.