Just a few days after Crypto Black Monday, Bitcoin has recovered $62,000, creating a bullish pattern on the seven-day price chart. Cryptocurrency dealers indicate that the bottom is probably in for Bitcoin by pointing to a gigantic green weekly candle with a huge wick. The swift recovery occurs just a few days after Bitcoin saw its first decline below $50,000 since February on August 5th, when it dropped below a crucial support level to $49,751. The rapid turnaround, according to some traders, points to a bear trap, with prospective traders now strongly biased toward long holdings. Nevertheless, not all cryptocurrency analysts think the worst is over yet. Timothy Peterson, the founder of Cane Island Alternative Advisors, suggests $40k and $80k equally, while 10x Research expects Bitcoin values to drop into the low 40,000s.
