A crypto analyst has maintained a bullish outlook on Bitcoin (BTC), the world’s largest cryptocurrency, predicting massive rallies in the longer term. The analyst projects that Bitcoin could rise as fast because it fell, mirroring the speed of its crash because it regains all the worth shed during its decline.
Bitcoin Set For Rapid Recovery
In an X (formerly Twitter) post on August 6, a crypto analyst identified as ‘The Crypto Dog’ has shared an optimistic forecast on the longer term outlook of Bitcoin. The analyst believes that Bitcoin may get well quickly from its recent market declines, highlighting that the pioneer cryptocurrency would regain its lost ground at a pace as swift as its previous crash.
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The analyst’s bullish outlook on Bitcoin’s price comes after the cryptocurrency quickly rebounded from its former lows and maintained an important support level across the $54,000 price mark. Bitcoin’s resilience at maintaining a price above the $54,000 level may very well be a possible bullish signal, considering the cryptocurrency fell drastically below $50,000 within the previous weeks.
In recent days, Bitcoin has shown remarkable strength after witnessing a crash that led to greater than 20% of its value wiped. Despite the substantial price decline, the cryptocurrency appears to be on a major recovery trend, steadily approaching the $60,000 point once more.
Earlier this yr, Bitcoin rapidly rose to an all time high above $73,000, driven by the approval and launch of Spot Bitcoin ETFs. Following this rally to a recent ATH, Bitcoin underwent its cyclic halving event which on the time was considered a bullish event that would propel the worth of the cryptocurrency even higher.
Despite analysts’ bullish projections of Bitcoin during this bullish cycle, the cryptocurrency has faced major liquidations, driving its price right down to recent lows. Nonetheless, whales proceed to buy Bitcoin at a rapid pace, benefiting from the lower prices and accumulating over 30,000 BTC value about $1.62 million.
Analyst Says Now Is The Best Time To Buy BTC
A crypto analyst, identified as ‘the on-chain college’ has highlighted essentially the most opportune time to speculate in Bitcoin. The analyst suggests that if investors expect Bitcoin to rally to recent highs inside the following 6 to 12 months, now may very well be the right time to purchase the cryptocurrency.
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Sharing a chart of Bitcoin’s price movements, the analyst mentions the Mayer Multiple, a novel metric that compares Bitcoin’s current price to its 200-day moving average. He disclosed that Bitcoin’s Mayer Multiple is currently at its lowest level because the bottom of the 2022 bear market.
Source: Glassnode
This means that a low Mayer Multiple indicates that Bitcoin is undervalued, making it a potentially good opportunity to purchase the cryptocurrency. On the time of writing, the worth of Bitcoin is trading at $57,241, marking a ten.89% decrease over the past seven days, in accordance with CoinMarketCap.
BTC price drops toward $57,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com