Bitcoin Current Recovery And Outlook

Following the recent dip in Bitcoin comes a notable recovery, which started earlier today. So far, Bitcoin has increased to as high as $56,957 in the early hours of today before retracing slightly to trade at $56,672, at the time of writing, up by 3.6% in the past 24 hours.

According to prominent crypto analyst Ali, Bitcoin has formed a “rising wedge, a pattern often linked to downtrends.” Ali projected that Bitcoin might surge to “$56,000-$57,000 at the wedge’s upper boundary.”

However, a possible plunge to $51,000 should still be watched out for.