Bitcoin’s recent recovery from the drop bears striking resemblance to the bull market cycles of 2016. Technical indicators, particularly the RSI and Bollinger Bands, are signaling a possible price correction or a transition to a bull trend.
On August 5, Bitcoin lost more than 16% of its value, marking the biggest drop since the FTX crash. This drop led to widespread losses across many altcoins. However, Bitcoin’s price action and technical indicators raise the question of whether we are entering a major bull trend or are we expecting another correction.
Bitcoin Makes Strong Recover After Drop
Despite the dramatic drop, Bitcoin has staged a strong recovery, trading at $54,791 on CoinMarketCap, up 8% in the past 24 hours. The recovery has highlighted double-digit losses in altcoins and the broader impact on the crypto sector.
Experienced trader Peter Brandt noted that BTC’s current decline parallels market behavior prior to the 2016 bull run. Brandt said that the decline following the halving, expected to occur in April 2024, resembles patterns from the 2015-2017 halving bull market cycle. In 2016, Bitcoin reached new highs after a 27% drop after the halving. BTC’s current 26% decline could also lead to similar strong gains.
Despite Bitcoin’s uptrend, the RSI reading of 29 suggests that sellers are in the market. Historically, low RSI readings in oversold conditions often precede price corrections. Furthermore, the widening of Bollinger Bands indicates increased volatility, increasing the likelihood of a bearish to bullish trend. These technical indicators provide a more comprehensive understanding of Bitcoin’s current market conditions.
According to IntoTheBlock data, 78.50% of BTC holders have their tokens valued above their purchase price, while only 20.69% are in loss. This large percentage of holders in profit reflects the general bullish trend and supports the possibility of BTC potentially moving upwards. Market analysts such as ‘The Bitcoin Therapist’ also provide insights confirming this expectation.
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I EXPLAIN IN DETAIL.
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