Originally published on: August 09, 2024
Bitcoin has experienced a V-shaped recovery on the daily timeframe, bouncing back from its recent dip below $50,000 to reach $63,241. Analysts are optimistic that this recovery could pave the way for Bitcoin to reach new all-time highs.
According to MN Capital founder Michaël van de Poppe, Bitcoin’s recent crash and subsequent recovery resemble a V-shaped pattern, similar to the impact of the COVID-19 pandemic. This pattern indicates a sharp increase in price after a steep decline, with Bitcoin currently trading at $60,431 and inching closer to its resistance at $62,719.
Van de Poppe emphasized the importance of Bitcoin bulls defending the support level at $57,500 to sustain the recovery. However, other analysts, like Peter Brandt, believe there is a possibility of further downside for Bitcoin before it reaches new highs.
Data from Cointelegraph Markets Pro and TradingView indicates that Bitcoin faces significant resistance at $62,000, with a large number of ask orders in that price range. This could pose a challenge for Bitcoin’s upward momentum, requiring strong support to push through this barrier.
Overall, the crypto market remains volatile, and investors should conduct their own research before making any investment decisions. Stay informed with our Markets Outlook newsletter for more insights and analysis every Monday.