Analyst Sees Bitcoin Poised for Bull Run Similar to 2020
A well-known crypto analyst suggests that Bitcoin (BTC) might be repeating a pattern observed in early 2020.
The analyst, known as The Crypto Dog, compares Bitcoin’s recent performance to its dramatic recovery following a 50% drop in March 2020.
The Crypto Dog pointed out that Bitcoin’s recent rebound from a low of $48,000 could signal the start of a new bull market.
I think BTC still turbo bullish if the lows hold pic.twitter.com/GVrEjwQ3TR
— The Crypto Dog 📈 (@TheCryptoDog) August 20, 2024
He draws a parallel between Bitcoin’s current situation and its crash from $70,000 to $50,000, likening it to the March 2020 dip caused by the onset of the COVID-19 pandemic.
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Historically, Bitcoin fell sharply from $8,000 to approximately $3,700 within a week during the early pandemic but quickly rebounded to new highs in the following months.
According to The Crypto Dog, Bitcoin remains bullish as long as it maintains support around $58,800. At the moment, Bitcoin is trading at approximately $59,400.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
