Bitcoin

<p>The historical data signifies that the chief crypto token <a href="https://blockchainreporter.net/price-prediction/bitcoin-price-prediction/" data-type="post" data-id="64778">Bitcoin</a> offers a surprising outlook in terms of price movement. A popular crypto market analyst TXMC has recently discussed the current status of Bitcoin and its potential move shortly. The <a href="https://x.com/TXMCtrades/status/1809976134450246105" target="_blank">analyst </a>took to the social media platform X to provide the details about Bitcoin’s recent price recovery.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
   <p lang="en" dir="ltr">BTC reached its prior high before the halving and only 17 months after its FTX low. Extremely fast by its standards for a move that strong.<br><br>But also if you think about it, 2022 was the first Bitcoin bear that NEVER had even a 50% bounce rally. 2017 had three bear rallies of over…</p>— 𝐓𝐗𝐌𝐂 (@TXMCtrades) <a href="https://twitter.com/TXMCtrades/status/1809976134450246105?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 7, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 class="wp-block-heading" id="analyst-says-bitcoin-s-recent-price-recovery-sees-parallels-with-the-historical-price-movement">Analyst Says Bitcoin’s Recent Price Recovery Sees Parallels with the Historical Price Movement</h2> 
<p>TXMC noted that the crypto token made a rapid surge to reach the former high before the recent halving. The crypto asset witnessed the respective development only seventeen months following a huge low that occurred during the FTX slump. The analyst drew a comparison between the respective swift recovery and the historical standards of Bitcoin for such massive moves.</p> 
<p>In this respect, the analyst pointed toward 2022 as a distinctive phase for Bitcoin. According to the analyst, contrary to the former bear markets, the year 2022 saw a substantial downturn. During that year, Bitcoin did not see even one 50% price bounce, as opposed to the former bear markets. Contrastively, the year 2017’s bear market went through 3 distinct rallies moving above fifty percent before touching the lowest point.</p> 
<h2 class="wp-block-heading" id="this-event-may-lead-to-a-continuous-dip-as-occurs-in-a-dead-cat-bounce-says-the-analyst">This Event May Lead to a Continuous Dip as Occurs in a “Dead Cat Bounce,” Says the Analyst</h2> 
<p>The historical statistics about bear markets disclose analogous price bounces until the year 2022. Keeping that in view, a crucial question arises about the recent upsurge in the price of the top cryptocurrency. The analyst pointed toward the possibility that the respective recovery event may represent a “dead cat bounce.” This term refers to a short-term recovery in an asset’s declining price, leading to a continuous dip.</p>

Bitcoin Likely to See Further Price Slump After the Short-Term Recovery

Table of Contents

BlockchainReporter

Other articles published on Jul 7, 2024

Is MoonBag’s Referral Programme the Key to Unlock 100% Tax-Free Crypto Earnings Amid Avalanche an...

Litecoin (LTC) and Polygon (MATIC) Can’t Compete With Rollblock’s Money Printing Revenue Share Mo...

BlockDAG X Series Mining Rigs Witness Record $3.6M Sales In July; Insights on Makers’ Value, & Ve...

Ethereum Price Surpasses $3,000

MultiversX (EGLD) Jumps 20% Due To Key Wallet Integration

Ethereum sellers return after brief break: ETH to $2,800 next?

Join our free newsletter for daily crypto updates!