🚀🚀🚀 #Bitcoin’s #Bullish Reversal: Is $83,500 in Sight Before July?
In the past 48 hours, the #cryptocurrency market has experienced a significant resurgence, with Bitcoin (BTC) surging back above the $64,000 mark. This bullish momentum comes just days after Bitcoin plummeted to $56,500.
With Bitcoin now trading at an intraday high of $64,500, the leading cryptocurrency has bounced back by over 14.15% since the crash on May 1st. As expected, alternative cryptocurrencies have also benefited from Bitcoin's recovery, reclaiming lost ground in the market.
However, as the market continues its recovery for the past two days, prominent analysts are closely monitoring how sustainable this upward trend will be before potentially turning bearish again.
Matthew Hyland, a well-known Bitcoin analyst, recently shared his insights on the matter. In a recent post, Hyland outlined two potential scenarios for Bitcoin's future trajectory.
In one scenario, Hyland suggested that if Bitcoin manages to reclaim the $67,500 level during this bullish phase, it could pave the way for a more aggressive rally, propelling Bitcoin to new all-time highs in the near future.
Alternatively, if Bitcoin fails to breach the $67,500 mark, Hyland presented a chart indicating a possible retracement to around $60,500 before bouncing back to $71,500. This rebound would likely be followed by another attempt to retest the $67,000 range. According to Hyland's projections, this retest could push Bitcoin towards unprecedented territory, reaching as high as $83,500 before July.
Similar sentiments of optimism have been echoed by other market observers, who anticipate Bitcoin's price to climb to the $80,000 range following the recent dip to $56,000. As of now, BTC is trading around $63,870.
Source - coinedition.com
