The historical data signifies that the chief crypto token Bitcoin offers a surprising outlook in terms of price movement. A popular crypto market analyst TXMC has recently discussed the current status of Bitcoin and its potential move shortly. The analyst took to the social media platform X to provide the details about Bitcoinâs recent price recovery.
BTC reached its prior high before the halving and only 17 months after its FTX low. Extremely fast by its standards for a move that strong.But also if you think about it, 2022 was the first Bitcoin bear that NEVER had even a 50% bounce rally. 2017 had three bear rallies of overâŠ
â đđđđ (@TXMCtrades) July 7, 2024
Analyst Says Bitcoinâs Recent Price Recovery Sees Parallels with the Historical Price Movement
TXMC noted that the crypto token made a rapid surge to reach the former high before the recent halving. The crypto asset witnessed the respective development only seventeen months following a huge low that occurred during the FTX slump. The analyst drew a comparison between the respective swift recovery and the historical standards of Bitcoin for such massive moves.
In this respect, the analyst pointed toward 2022 as a distinctive phase for Bitcoin. According to the analyst, contrary to the former bear markets, the year 2022 saw a substantial downturn. During that year, Bitcoin did not see even one 50% price bounce, as opposed to the former bear markets. Contrastively, the year 2017âs bear market went through 3 distinct rallies moving above fifty percent before touching the lowest point.
This Event May Lead to a Continuous Dip as Occurs in a âDead Cat Bounce,â Says the Analyst
The historical statistics about bear markets disclose analogous price bounces until the year 2022. Keeping that in view, a crucial question arises about the recent upsurge in the price of the top cryptocurrency. The analyst pointed toward the possibility that the respective recovery event may represent a âdead cat bounce.â This term refers to a short-term recovery in an assetâs declining price, leading to a continuous dip.