A widely followed analyst believes Bitcoin (BTC) will spark a furious rally to regain all of its losses over the past week.

Pseudonymous analyst The Crypto Dog tells his 806,500 followers on the social media platform X that he sees a swift Bitcoin recovery following its collapse from $70,000 to a six-month low of $49,000.

“I guess we might just speed run retracing the whole dump as fast as we crashed.”

The analyst’s bullish stance on Bitcoin comes after BTC quickly bounced off its lows and stayed above its immediate support at around $54,000.

“Price not nuking (yet), maybe they try to hold it here.”

He also says he took the latest Bitcoin dip as an opportunity to accumulate more BTC with the intention of holding on to his stack to ride his predicted recovery.

“Bought 6.75 spot BTC today… Think I’m not interested in taking more trades for at least a week. Looks like the market may just ride up from here on out can just HODL (hold on for dear life).” 

However, the analyst notes that Bitcoin must show strength at resistance at around $57,000 to increase the odds of a sustained rally.

“That’s a breakout.

Looks like a straight shot to $57,000. Let’s re-evaluate when we get there.”

Image

At time of writing, Bitcoin is trading for $56,101, up nearly 3% in the past day.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Follow us on X, Facebook and Telegram

Generated Image: Midjourney



Read the full article here

Share.

Leave A Reply

Your road to financial

freedom starts here

With our platform as your starting point, you can confidently navigate the path to financial independence and embrace a brighter future.

Registered address:

First Floor, SVG Teachers Credit Union Uptown Building, Kingstown, St. Vincent and the Grenadines

CFDs are complex instruments and have a high risk of loss due to leverage and are not recommended for the general public. Before trading, consider your level of experience, relevant knowledge, and investment objectives and seek financial advice. Vittaverse does not accept clients from OFAC sanctioned jurisdictions. Also, read our legal documents and make sure you fully understand the risks involved before making any trading decision

Exit mobile version