Bitcoin ended November down more than 37 percent in its worst performance in seven years, but after hitting a near two-year low, it’s now showing signs of a recovery.

The cryptocurrency started November at $6,341, according to data from Coindesk, before hitting a low of $3,447.58 on Nov. 25. An end to the war over the future of Bitcoin Cash, an alternative cryptocurrency to bitcoin, on Nov. 27 helped settle markets somewhat as bitcoin ended November at $3,964.

In the first couple of days of December, the price of bitcoin has traded in the $3,900 to $4,200 range, returning to a similar trading range, albeit at lower prices, where it was trading at before the price started to plunge Nov. 14.

Although the return of a semblance of stability to bitcoin’s price will be welcomed by investors, where bitcoin is heading forward is highly open to conjecture.

On the one hand, some argue that bitcoin may not yet have seen the bottom of its current downward price cycle. Bitcoin historically has gone through a number of boom-and-bust cycles but invariably recovers.

Some observers, such as Boris Hristov on Medium, argued that this time around, bitcoin may never recover because of a decline in volume. However, he did note that if institutional investors return, there may be a recovery.

Others, as is always the case with bitcoin and cryptocurrencies in general, remain far more optimistic. Anthony Pompliano, partner at crypto investment firm Morgan Creek Digital Assets, told The Express that the media reports of the death of cryptocurrency are nothing more than a surface-level observation, rather than logical analysis.

Pompliano argued that though the price may have declined, the number of services, as well as the number of users, continue to boom, showing an underlying demand for bitcoin as an asset for both payment and speculative purposes. Supporting that argument, Bitcoinist noted that bitcoin’s trading volume was up 61 percent since 2017, surpassing 2 trillion transactions this year despite the price drop.

Bitcoin was trading at $3,963.66 as of 9:30 p.m. EST, down slightly for the day but still within its price range.

Image: quoteinspector/Flickr