Fun

Bitcoin’s V-shaped recovery could put BTC on path to new all-time high — Analysts

News Feed - 2024-08-10 03:08:00

Nancy Lubale5 hours agoBitcoin’s V-shaped recovery could put BTC on path to new all-time high — AnalystsBullish traders bought Bitcoin’s recent dip, possibly setting BTC on the way to a new all-time high.1673 Total views2 Total sharesListen to article 0:00Market UpdateOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onBitcoin’s (BTC) price has displayed a V-shaped recovery on the daily timeframe from its recent multi-month low below $50,000, leading analysts to believe that a sustained uptrend would see BTC hit new all-time highs. 


“Bitcoin did provide a V-Shape recovery, through which this correction and crash due to Jump Trading selling crypto assets is comparable to COVID-19 --> A Black Swan,” MN Capital founder Michaël van de Poppe said in an Aug. 9 post on X.


In an earlier X post on Aug. 5, van de Poppe entertained the possibility of the recent crash to $49,577, defining the bottom for Bitcoin before it embarked on a V-shaped recovery back to pre-crash levels.


A V-shaped recovery is a bullish pattern formed when an asset experiences a sharp price increase after a steep decline. It is completed when the price moves up to the resistance at the top of the V formation referred to as the neckline.BTC/USD daily chart. Source:TradingView


Bitcoin appears to be on a similar trajectory. It’s currently trading within the confines of the pattern at $60,431, 15% away from the pattern’s neckline.


The analyst explained that Bitcoin bulls need to defend the support at $57,500 in order to secure the recovery.“As long as Bitcoin holds above $57,500, I think we’re in for a new ATH in September/October.”BTC/USD daily chart. Source:Michaël van de Poppe/X


However, not all crypto analysts are of the same opinion. Some believe there could be further downside before Bitcoin hits new all-time highs.


In an Aug. 9 X post, analyst Peter Brandt stated that “there is a 50% chance BTC visits sub-$40k before the last half of the halving plays itself out.”Source:Peter Brandt


Data from Cointelegraph Markets Pro and TradingView shows that BTC briefly touched the major resistance at $62,719, where the 50-day and 100-day exponential moving averages (EMAs) appear to converge on Aug. 9 before pulling back to $60,431 at the time of publication.


As earlier reported by Cointelegraph, Bitcoin was required to flip this barrier into support to avoid falling into the effects of a looming death cross.


Related:Bitcoin whale games get traders nervous as 12K BTC appears for sale


Supplier congestion at $62,000 has become a key Bitcoin price resistance hurdle, as evidenced by data from IntoTheBlock. Its in/out of the money around price (IOMAP) model shows that Bitcoin faces relatively stiff resistance in its recovery path compared to the support it enjoys on the downside.


The barrier at $62,900 lies within the $62,785 and $63,598 price range, where approximately 763,800 BTC was previously bought by approximately 1.64 million addresses.Bitcoin IOMAP chart. Source: IntoTheBlock


Additional data from CoinGlass reveals massive ask orders building up around this level, reinforcing the significance of this level to bears.Bitcoin liquidation heatmap. Source: CoinGlass


The liquidation heat map above shows that there are around $46.63 million in ask orders sitting between the spot price and $62,000, adding to the stiffness of the resistance on the upside.


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Cryptocurrencies# Bitcoin Price# Bitcoin Analysis# Markets# Market Update# Market Analysis# Bitcoin ETFAdd reaction

News Feed

General Bytes ATM Developers Add Two-Way Support for Bitcoin Cash-Based SLP Tokens
General Bytes ATM Developers Add Two-Way Support for Bitcoin Cash-Based SLP Tokens The Simple Ledger Protocol (SLP) has been extremely popular among Bitcoin Cash (BCH) advocates and
Old Fashion Research Launches $100 Million Latam and Emerging Markets Crypto Metaverse Fund
Old Fashion Research Launches $100 Million Latam and Emerging Markets Crypto Metaverse Fund A VC company founded by former Binance employees, Old Fashion Research, has announced th
NFT Survey With Over 40K Respondents Indicates Americans Trust NFT Investments More Than Britons
NFT Survey With Over 40K Respondents Indicates Americans Trust NFT Investments More Than Britons In 2021, two very distinct crypto trends stood out which include non-fungible token
Religious leaders debate going to church in the metaverse
Tristan Greene6 hours agoReligious leaders debate going to church in the metaverseWith the Pope sounding off on AI recently, the discourse surrounding religion and technology has heated up.2056 Total views12 Total shares
Pro Football Star Receives Half of His $13 Million Salary in Bitcoin
Pro Football Star Receives Half of His $13 Million Salary in Bitcoin Carolina Panthers offensive lineman Russell Okung said he has been paid in bitcoin after ask
Bitcoin could top $100K but only if ‘high-yield rate’ falls below 7% — Analyst
Ciaran Lyons2 hours agoBitcoin could top $100K but only if ‘high-yield rate’ falls below 7% — AnalystBitcoin needs the high yield rate to fall as low as 6% to reach a “sustainable all-time high,” says crypto an
Hedge Fund Galois Capital Discloses ‘Roughly Half’ of the Firm’s Capital ‘Stuck on FTX’
Hedge Fund Galois Capital Discloses "Roughly Half" of the Firm"s Capital "Stuck on FTX" According to the co-founder of Galois Capital, the hedge fund manager who warned about the T
Dogecoin Price Analysis: Ascending Triangle On 2-Hour Chart Shows DOGE Is Still Very Bullish
Este artículo también está disponible en español. Crypto analyst KrissPaxhas provided a bullish outlook for the Dogecoin price, recently indicating that the foremost meme
New York Approves Its First Publicly Available Japanese Yen Stablecoin
New York Approves Its First Publicly Available Japanese Yen Stablecoin The New York State Department of Financial Services, the Bitlicense regulator, has authori
China to Add Cryptocurrency Mining to ‘Negative List for Market Access’ Making the Industry Off-Limits to Investors
China to Add Cryptocurrency Mining to "Negative List for Market Access" Making the Industry Off-Limits to Investors China has proposed adding cryptocurrency mining to the country&#
SEC Deems DASH, ALGO, and OMG ‘Unregistered Securities’ in Bittrex Lawsuit
SEC Deems DASH, ALGO, and OMG "Unregistered Securities" in Bittrex Lawsuit According to the recent complaint by the U.S. Securities and Exchange Commission (SEC) against Bittrex, t
Blockchain.com Raises $120 Million in a Strategic Financing Round, Firm’s Institutional Arm Swells
Blockchain.com Raises $120 Million in a Strategic Financing Round, Firm"s Institutional Arm Swells On Wednesday, as the leading crypto asset bitcoin has been rid