A well-known analyst is predicting a significant recovery for Bitcoin (BTC), expecting it to quickly recover its recent losses.
The Crypto Dog believes Bitcoin will rapidly bounce back after its drop from $70,000 to a recent low of $49,000.
He suggests that the cryptocurrency might retrace its decline as swiftly as it fell.
The analyst’s positive outlook is supported by Bitcoin’s rebound from its lows, with the price holding above the key support level of around $54,000.
He has taken advantage of the recent dip by purchasing 6.75 BTC, intending to hold onto it and benefit from the expected recovery.
According to the analyst, Bitcoin must break through resistance at approximately $57,000 to increase the likelihood of a sustained rally.
If the price reaches this level, he plans to reassess the market conditions.
With October on the horizon, investors are eagerly anticipating what the month might hold for Bitcoin and the broader crypto market.
10x Research’s recent analysis suggests that Bitcoin may be poised for a substantial rally by late 2024.
Jeff Park, the head of alpha strategies at Bitwise Asset Management, argues that Bitcoin ETF options are unlikely to diminish Bitcoin’s inherent volatility.
A well-known crypto analyst suggests that Bitcoin bears may soon lose their grip as the leading digital asset continues to demonstrate resilience.