Crash

2024

Bitcoin

Divergence

<p>The post <a href="https://coinpedia.org/news/is-bitcoin-about-to-explode-analyst-predicts-a-69k-surge-after-recent-drop/">Bitcoin Price Prediction: Analyst Predicts Rebound to $69K After Recent Dip</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin, the largest cryptocurrency by market cap, recently fell to just above <a href="https://coinpedia.org/news/bitcoin-btc-drop-59k-could-a-bitcoin-supply-shock-send-prices-soaring/">$58,090</a>. This drop has sent shockwaves, leaving investors to wonder if the worst is over or if there’s more pain to come.</p> 
<p>Is this the perfect buying opportunity for you? </p> 
<p>Renowned crypto analyst Moustache believes history could be repeating itself. Drawing parallels to the COVID-19 crash of 2020, he suggests that Bitcoin might be on the cusp of another epic comeback.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-set-for-major-rebound">Bitcoin Set for Major Rebound? </h2> 
<p>Moustache believes Bitcoin might be on the verge of a significant rebound. He suggests that if Bitcoin breaks through the crucial $60,000 resistance level, it could potentially rise to $69,000. This forecast is based on Bitcoin’s past performance after major market corrections.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <br><br>Covid Crash 2020 vs. now.<br><br>As this is a daily chart, an update here makes sense imo.<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> still looks fantastic. Red area must hold. <a href="https://t.co/ILD32SNufb">pic.twitter.com/ILD32SNufb</a></p>— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 
   <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9f2.png" alt="🧲" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@el_crypto_prof) <a href="https://twitter.com/el_crypto_prof/status/1825456571855376415?ref_src=twsrc%5Etfw">August 19, 2024</a>
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<p>To grasp this potential rebound, let’s review previous patterns. In early 2020, <a href="https://coinpedia.org/news/bitcoin-news-today-could-60k-be-the-start-of-something-huge-for-btc-price/">Bitcoin </a>experienced a sharp decline due to the global COVID-19 market crash, dropping from around $7,000 to below $5,000. However, Bitcoin made a remarkable comeback, rising 100% from its lowest point. This recovery set a benchmark for Bitcoin’s resilience.</p> 
<h2 class="wp-block-heading" id="h-current-market-situation-what-does-it-mean">Current Market Situation: What Does It Mean?</h2> 
<p>Currently, Bitcoin has faced a significant drop, falling below $49,000 after the recent <a href="https://coinpedia.org/news/japan-stock-market-correction-trigger-crypto-market-crash-bitcoin-ethereum-bleeding/">Japan stock market crash</a>. This 20% decrease mirrors previous market corrections where Bitcoin experienced substantial declines but also managed notable recoveries.</p> 
<p>Given these historical trends, Bitcoin’s current situation suggests it might follow a similar path, potentially leading to a strong rebound if it surpasses the $60,000 resistance level.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin Price Analysis</h2> 
<p>Bitcoin is currently trading at <a href="https://markets.coinpedia.org/bitcoin/">$58,094</a>, reflecting a 3.5% drop in the past 24 hours. Despite this decline, trading volume has surged by 34%, reaching $20.9 billion, with the market cap at $1.16 trillion.</p> 
<p>As Bitcoin hovers near the $60,000 mark, technical indicators point to a possible breakout. If Bitcoin climbs above the $59,451 Simple Moving Average (SMA), it could spark a rally toward the $62,000 to $65,000 resistance zone.</p> 
<p>The Relative Strength Index (RSI) Divergence Indicator is at 44.56, showing mild bearish momentum. However, since it remains above the oversold zone, there’s still room for upward movement.</p> 
<p><strong>The crypto world watches closely as Bitcoin teeters on the brink of a major move. As always, invest wisely and do your own research.</strong></p>

Bitcoin Price Prediction: Analyst Predicts Rebound to $69K After Recent Dip

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