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đ Bitcoinâs Bullish Reversal: Is $83,500 in Sight Before July?
Over the last 48 hours, the crypto market has been in a significant recovery mode, with the premier cryptocurrency, Bitcoin (BTC), reclaiming the $64K threshold. This bullish market emerged less than a week after Bitcoin collapsed to $56,500.
With Bitcoinâs intraday high of $64,500 at press time, the premier asset has rebounded by over 14.15% since the May 1 crash. Expectedly, the alternative cryptocurrencies have leveraged Bitcoinâs rebound to regain lost territories.
However, given that the marketâs recovery has been ongoing for at least two days, prominent market watchers are examining how long the recovery could last before another bearish turn.
Among those commenting on the subject is Matthew Hyland, a widely followed Bitcoin analyst. In a recent post on X, Hyland suggested two possible scenarios that could play out.
Initially, the analyst argued that Bitcoin reclaiming $67,500 in this bullish run would set the path for a more aggressive rally that would drive the assetâs price to unexplored price territories. More specifically, he sees Bitcoin establishing a new all-time high shortly after regaining $67.5K.
Meanwhile, in a follow-up post, he highlighted other events that could surface if Bitcoin fails to re-enter the $67,500 range. He presented a chart that foreshadows Bitcoinâs trajectory.
The graph suggested the market could witness a brief retracement to the $60,500 price level. However, this development is anticipated to catapult Bitcoinâs value to $71,500. Meanwhile, another retest of the $67K range is expected following the surge to $71,500.
In Hylandâs view, this retest would aggressively push Bitcoin toward the $83,500 range, a price level the premier asset has never seen. Interestingly, Hyland expects these projections to materialize before July.
Other prominent market observers have conveyed similar optimism that Bitcoin is headed for the $80K range after the crash to $56K. At press time, BTC trades at around $63,870.
