Cryptocurrency

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-predicts-bitcoins-potential-recovery-after-recent-decline/" data-wpel-link="internal">Analyst Predicts Bitcoin’s Potential Recovery After Recent Decline</a><br></p>
<p style="text-align: justify">Bitcoin, the undisputed leader of the <a href="https://en.coin-turk.com/crypto-market-faces-significant-drop-as-some-coins-defy-the-trend/" data-wpel-link="internal">cryptocurrency market</a>, has always been a major focus of attention. Recently, Bitcoin has drawn attention with its decline, raising the question of whether it is signaling a recovery. This is likely the most curious question among those in the market. Analyst Moustache provides the answer. Let’s look at his evaluations.</p> 
<h2 style="text-align: justify" id="bitcoin-s-current-status-what-to-expect-after-the-decline">Bitcoin’s Current Status: What to Expect After the Decline?</h2> 
<p style="text-align: justify">The world’s largest cryptocurrency, Bitcoin, has dropped to levels as low as $58,090. This sudden drop has caused significant concern among <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> and led to speculation about a possible rebound.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-381072 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/moustache.png" alt="" width="488" height="502"></p> 
<p style="text-align: justify">Cryptocurrency analyst <strong>Moustache</strong> suggests that a similar recovery could occur by looking at Bitcoin’s past recovery examples. If this prediction proves accurate, Bitcoin’s price could reach new highs in a short period.</p> 
<h2 style="text-align: justify" id="will-history-repeat-itself-the-69-000-scenario">Will History Repeat Itself? The $69,000 Scenario</h2> 
<p style="text-align: justify">According to Moustache’s analysis, if Bitcoin can break the resistance at $60,000, the price could rise to $69,000. This prediction is supported by Bitcoin’s strong recoveries following major market corrections. For example, during the COVID-19 pandemic in 2020, Bitcoin dropped from around $7,000 to below $5,000 but quickly recovered from these levels, doubling its price.</p> 
<p style="text-align: justify">The current situation is thought to resemble this past example. Following the recent Japan exchange crash, Bitcoin fell below the $49,000 level. This 20% drop paints a similar picture to past corrections, and if history repeats itself, a strong recovery for Bitcoin is expected.</p> 
<h2 style="text-align: justify" id="critical-levels-for-bitcoin">Critical Levels for Bitcoin</h2> 
<p style="text-align: justify">Bitcoin is currently trading at $58,094 and has experienced a 3.5% drop in the last 24 hours. However, despite this drop, a 34% increase in trading volume has been observed, reaching $20.9 billion. Bitcoin’s market value stands at $1.16 trillion.</p> 
<p style="text-align: justify">Technical indicators suggest that if Bitcoin breaks above the Simple Moving Average (SMA) at $59,451, it could trigger a rally towards the $62,000-$65,000 resistance zone. The RSI Indicator is at 44.56, indicating a slight bearish momentum. However, since the RSI has not yet entered the oversold territory, an upward movement is still considered possible.</p> 
<p style="text-align: justify"><strong>Bitcoin</strong>, despite experiencing a significant decline recently, still shows strong recovery potential based on historical <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a>. If the resistance at $60,000 is broken, Bitcoin could rise to $69,000 as per the analyst’s expectations.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/analyst-predicts-bitcoins-potential-recovery-after-recent-decline/" data-wpel-link="internal">Analyst Predicts Bitcoin’s Potential Recovery After Recent Decline</a></h5>
<p>The post <a href="https://en.coin-turk.com/analyst-predicts-bitcoins-potential-recovery-after-recent-decline/" data-wpel-link="internal">Analyst Predicts Bitcoin’s Potential Recovery After Recent Decline</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Analyst Predicts Bitcoin’s Potential Recovery After Recent Decline

Table of Contents

COINTURK NEWS

Other articles published on Aug 19, 2024

IMF Sounds the Alarm: Bitcoin Mining Must Go Green

Bitcoin Defies Market Volatility

Real-World Adoption: IOTA Expands Across UAE, EU, Kenya, and Germany with Enterprise EVM Compatib...

Binance Supports Token Swap

Strategic blockchain investments by HTX Ventures: A mid-year analysis

Ethereum Price Could Crash Below $2,000 According To Trading Veteran Peter Brandt.

Join our free newsletter for daily crypto updates!