Bitcoin, the crypto heavyweight, witnessed a rollercoaster ride recently, leaving traders on the edge. Crypto analyst CryptoBusy pointed out the stark difference in market sentiment when Bitcoin hit $64k yesterday versus the current scenario, emphasizing the dynamic nature of crypto markets.
The cryptocurrency soared to $69k, prompting some savvy traders to cash in their profits. However, the joy was short-lived as Bitcoin retraced to $61k, sending a wave of uncertainty. Notably, the psychological support levels of $64k and $60k emerged as crucial benchmarks, presenting a potential buying opportunity for seasoned investors.
In a classic display of bull market vibes, traders found themselves recalibrating strategies. CryptoBusy hinted at a potential retracement being the catalyst for Bitcoin’s upward climb. The analyst stressed that despite short-term fluctuations, the long-term outlook remains bullish.
CryptoBusy, emphasizing typical bull market vibes, noted the exposure of paper hands investors quick to sell during volatility. Despite short-term fluctuations, the long-term outlook remains bullish, instilling confidence among seasoned market participants.
However, CryptoBusy is now pondering whether the recent retracement might be the necessary correction for BTC to resume its upward trajectory. As the market recalibrates, trend reversal anticipates renewed momentum, which could set the stage for Bitcoin’s next ascent in the market.
According to crypto analyst Mags, Bitcoin is showing promising signs of a potential new all-time high (ATH) in its historical performance. Analysis points to crucial moments in 2017 and 2020 when BTC faced significant pullbacks after testing its ATH.
In 2017, after Bitcoin’s first test of the ATH, a -33% pullback ensued. This marked a key moment as the subsequent 50 days saw a breakthrough above the ATH, and the market entered a sustained bullish phase.
Fast forward to 2020, where a -16% pullback followed Bitcoin’s initial ATH test. Within the next 20 days, the cryptocurrency surged above the ATH, solidifying the bullish trajectory. In the current cycle, Bitcoin experienced a -14% pullback after its first ATH test. Drawing parallels with history, analysis speculates that this downturn might be the final dip, anticipating a breakout above the ATH in the coming days.
