The analyst believes that Bitcoin may recover quickly from its recent market declines, highlighting that the pioneer cryptocurrency would regain its lost ground at a pace as swift as its previous crash. Related Reading: Dogecoin Bounces Off Key Support Following Crash Below $0.1 The analyst’s bullish outlook on Bitcoin’s price comes after the cryptocurrency quickly rebounded from its former lows and maintained a crucial support level around the $54,000 price mark.
Bitcoin’s resilience at maintaining a price above the $54,000 level could be a possible bullish signal, considering the cryptocurrency fell drastically below $50,000 in the previous weeks. In recent days, Bitcoin has shown remarkable strength after witnessing a crash that led to more than 20% of its value wiped.
Following this rally to a new ATH, Bitcoin underwent its cyclic halving event which at the time was considered a bullish event that could propel the price of the cryptocurrency even higher. Despite analysts’ bullish projections of Bitcoin during this bullish cycle, the cryptocurrency has faced major liquidations, driving its price down to new lows.
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