On El Salvador's legal tender milestone, Bitcoin's price is aiming for a $35K bounce

For the first time, Bitcoin has been declared legal cash by a sovereign state, but will it be able to recover from its bear market?

On El Salvador's legal tender milestone, Bitcoin's price is aiming for a $35K bounce.

On June 9, Bitcoin (BTC) surged beyond $35,000, buoyed by historic news that El Salvador had declared it legal tender.

A trader says he's "not sure" if Bitcoin has reached bottom

On Wednesday, data from Cointelegraph Markets Pro and TradingView revealed a sharp rise in BTC/USD as Bitcoin received its first formal state endorsement.

Traders were jittery as comments praised El Salvador's parliament's move. According to Cointelegraph, a short-term rebound to $35,000 is expected before a reversal and a deeper BTC price drop.

On Twitter, popular trader Crypto Ed stated, "Bitcoin printing a higher low, expecting some further bounce today."

"I'm not sure if the bottom is in yet; I'll give an update later today."

Crypto Cobra, a trader, issued a more stern warning this week, predicting a big write-down across the cryptocurrency market. This, he suggested, might cost tokens 20%, implying that Bitcoin's target price would be $25,000.

Crypto Ed did add, though, that a falling US dollar, which was on the rise as recently as Monday, may create the conditions for a "miracle" Bitcoin growth spurt.

"All we need for a bullish BTC," he said in response to the recent dollar currency index readings (DXY).

"DXY is breaking down right now, and it's going to happen."

Losses have slowed for altcoins.

Meanwhile, Bitcoin's resumption of its upward trend has had a generally beneficial impact on altcoins.

A check at the top fifty cryptocurrencies by market capitalization revealed average daily increases of 3%, with occasional deviations up or down.

Ether (ETH) was trading above $2,500, although it was still down over 5% compared to a week ago.

Also read: Panama is the next crypto-nation to follow El Salvador's lead

The total cryptocurrency market capitalization was slightly under $1.54 trillion, with Bitcoin commanding 41.6 percent of the market.

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