The post Is Bitcoin About to Explode? Analyst Predicts a $69K Surge After Recent Drop! appeared first on Coinpedia Fintech News
Bitcoin, the world’s largest cryptocurrency by market cap, recently fell to just above $58,090. This decline has led to speculation about a potential rebound. Drawing parallels with the COVID-19 crash in 2020, crypto analyst Moustache suggests that Bitcoin could follow a similar recovery pattern. If this historical trend continues, Bitcoin’s price might soon rise to new heights.
Bitcoin Potential For Rebound
According to renowned crypto analyst Moustache, Bitcoin might be on the verge of a major rebound. He suggests that if Bitcoin can break through the crucial $60,000 resistance level, it could potentially rise to $69,000.
#Bitcoin Covid Crash 2020 vs. now.As this is a daily chart, an update here makes sense imo.$BTC still looks fantastic. Red area must hold. pic.twitter.com/ILD32SNufb
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 (@el_crypto_prof) August 19, 2024
This prediction is based on historical trends showing Bitcoin’s strong recoveries after major market corrections. To understand this potential rebound, let’s look at past patterns.
In early 2020, Bitcoin saw a sharp decline due to the global COVID-19 market crash, dropping from around $7,000 to below $5,000. However, Bitcoin bounced back remarkably, surging by 100% from its lowest point. This dramatic recovery set a precedent for Bitcoin’s resilience.
Could History Repeat Itself?
Currently, Bitcoin has faced a significant drop, falling below $49,000 after the recent Japan stock market crash. This 20% decrease mirrors previous market corrections where Bitcoin experienced substantial declines but also managed notable recoveries.
Given these historical patterns, Bitcoin’s current situation suggests it might follow a similar path, potentially leading to a strong rebound if it breaks past the $60,000 resistance.
BTC Price Analysis
Bitcoin is currently trading at $58,094, reflecting a 3.5% drop in the past 24 hours. Despite this decline, trading volume has surged by 34%, reaching $20.9 billion, with the market cap at $1.16 trillion.
As Bitcoin hovers near the $60,000 level, technical indicators suggest a potential breakout. If Bitcoin can rise above the $59,451 Simple Moving Average (SMA), it could spark a rally toward the $62,000 to $65,000 resistance zone.
The Relative Strength Index (RSI) Divergence Indicator is at 44.56, showing mild bearish momentum. However, since it remains above the oversold territory, there is still room for upward movement.
