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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Bitcoin’s Sudden Drop: Could This Be a Setup for a Massive Rally? Analyst Weighs In

Samuel Edyme
Samuel Edyme
10 months ago
3 mins read
Bitcoin Sudden Drop: Could This Be a Setup for a Massive Rally?

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Bitcoin, the world’s leading cryptocurrency, has experienced a noticeable decline in its price over the past two days, dropping from a high of $63,000 to as low as $57,000. This decrease can be considered as unexpected as it surprised many.

So far, crypto analysts are reassessing their outlook on Bitcoin. Despite no hope of a bullish catalyst in sight, some analysts believe this ongoing plunge could be a temporary setback in a larger bullish trend.

Related Reading

Data Shows Sellers Have Returned to Bitcoin: Is a Major Price Drop on the Horizon?

Data Shows Sellers Have Returned To Bitcoin: Is A Major Price Drop On The Horizon?

10 months ago

Bitcoin Decline Suggests A Setup For Massive Rally?

Renowned crypto analyst Javon Marks recently shared his updated perspective on Bitcoin, suggesting that the recent dip may be a short-lived pullback rather than the start of a prolonged downtrend.

According to Marks, Bitcoin exhibits several bullish patterns that point towards a recovery back to the $65,000 level. He emphasizes that while the current drop is significant, the broader market structure remains intact.

Bitcoin chart.
Bitcoin chart. | Source: Javon Marks on X

Marks highlighted that one of the bullish patterns seen in Bitcoin’s near-term chart indicates a potential reversal that could lead to a recovery above $65,000.

He further elaborated that on a larger scale, another bullish formation suggests a possible 21% increase from the current levels, potentially pushing Bitcoin’s price to over $73,000. This optimistic outlook is based on historical patterns and technical indicators that suggest Bitcoin may be gearing up for a strong rebound.

One of multiple #Bitcoin (BTC)’s bullish patterns in the near term is present here, suggesting the recent pullback to be temporary and a recovery back to the $65,000s!

On a larger scale, another bull pattern continues to suggest an over 21% climb from here to $73,000+… https://t.co/sDVnmZbkIo pic.twitter.com/4k1rJV5EYU

— JAVON⚡️MARKS (@JavonTM1) August 28, 2024

Was The Dip Something Out Of Ordinary?

While some investors may be anxious about the recent downturn, other analysts encourage calm. Moustache, a well-known figure in the crypto analysis community, compared the current market situation to Bitcoin’s performance during the 2020 COVID-19 crash.

He pointed out that the current decline resembles the market behavior observed during that period, eventually leading to a significant recovery.

Bitcoin chart comparison.
Bitcoin chart comparison. | Source: Moustache on X

Moustache shared charts comparing the 2020 COVID crash with the ongoing market performance in 2024, particularly focusing on the similarities between Bitcoin’s price action during these two periods.

Related Reading

Bitcoin price news

Buying Bitcoin Now Is Like Getting It Below $10,000 In 2019: Experts

10 months ago

He noted that, despite the short-term volatility, Bitcoin’s price movements in 2024 appear to be following a similar pattern to the 2020 recovery. According to Moustache, this is a positive sign that suggests Bitcoin could soon rebound, mirroring the post-crash surge seen in 2020.

Bitcoin (BTC) price chart on TradingView
BTC price is moving sideways on the 2-hour chart. Source: BTC/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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