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