Bitcoin, the world’s leading cryptocurrency, has experienced a noticeable decline in its price over the past two days, dropping from a high of $63,000 to as low as $57,000. This decrease has taken many by surprise, prompting a reassessment among crypto analysts regarding the digital currency’s immediate future.
Despite the absence of a bullish catalyst on the horizon, some analysts are viewing this ongoing plunge as a temporary setback in an otherwise bullish trend. Renowned crypto analyst Javon Marks recently shared his updated perspective, suggesting that the recent dip may be a short-lived pullback rather than the start of a prolonged downtrend.
Marks pointed to several bullish patterns in Bitcoin’s near-term chart that indicate a potential reversal, projecting a recovery back to the $65,000 level. He emphasized the significance of these patterns, noting that while the current drop is substantial, the broader market structure remains intact. On a larger scale, Marks identified another bullish formation suggesting a possible 21% increase from the current levels, potentially pushing Bitcoin’s price to over $73,000. This optimistic outlook is based on historical patterns and technical indicators that suggest Bitcoin may be gearing up for a strong rebound.
While some investors may be anxious about the recent downturn, other analysts are urging calm. Moustache, a prominent figure in the crypto analysis community, compared the current market situation to Bitcoin’s performance during the 2020 COVID-19 crash. He pointed out that the current decline mirrors market behavior observed during that period, which eventually led to a significant recovery.
Moustache shared charts comparing the 2020 COVID crash with the ongoing market performance in 2024, highlighting the similarities between Bitcoin’s price actions during these two periods. He noted that, despite the short-term volatility, Bitcoin’s price movements in 2024 appear to be following a similar pattern to the 2020 recovery. According to Moustache, this is a positive sign that suggests Bitcoin could soon rebound, similar to the post-crash surge seen in 2020.
