A cryptocurrency analyst remains bullish on Bitcoin (BTC), the world’s largest cryptocurrency, predicting mass rallies in the futureAnalyst predicts Bitcoin could rise as rapid as it fell, reflecting the speed of its collision because it recovers all the value lost during the decline.
Bitcoin ready for quick recovery
WX (formerly Twitter) fasting On August 6, a crypto analyst identified as “The Crypto Dog” shared an confident forecast for Bitcoin’s future prospects. The analyst believes that Bitcoin could recover quickly from the recent market declines, emphasizing that the pioneering cryptocurrency will regain its lost ground as quickly as its previous failure.
The analyst is confident about Bitcoin price comes after the cryptocurrency quickly rebounded from its previous lows and held a key support level around the $54,000 price. Bitcoin’s resistance to sustaining the price above the $54,000 level could be a possible bullish signal, given the cryptocurrency has fallen dramatically below $50,000 in previous weeks.
In recent days, Bitcoin has shown extraordinary strength after witnessing a crash that wiped out over 20% of its value. Despite the significant price drop, the cryptocurrency seems to be on main trend of recoverygradually approaching the USD 60,000 level again.
Earlier this year, Bitcoin quickly rose to a record high above $73,000fueled by the approval and launch of the Spot Bitcoin ETF. After this rally to a fresh ATH, Bitcoin underwent a cyclical halving, which at the time was considered a bullish event which may cause a further raise in the price of the cryptocurrency.
Despite the fact that analysts bullish forecasts Bitcoin in this bullish cycle, the cryptocurrency has faced immense liquidations, which has caused its price to fall to fresh lows. Nevertheless, whales continue to buy Bitcoin appreciated at a rapid pace, taking advantage of lower prices and accumulating over 30,000 BTC worth around $1.62 million.
Analyst Says Now Is The Best Time To Buy BTC
The cryptocurrency analyst, referred to as the “on-chain college”, highlighted the most significant good time to invest in BitcoinAnalyst I suggest that if investors expect the price of Bitcoin to reach fresh highs in the next 6-12 months, now could be the perfect time to buy the cryptocurrency.
Sharing a chart of Bitcoin’s price action, the analyst mentioned the Mayer Multiple, a unique indicator that compares Bitcoin’s current price to its 200-day moving average. He revealed that Bitcoin Mayer Multiple is currently at its lowest level since the 2022 bear market low.
This means that low Mayer multiple indicates that Bitcoin is undervalued, making it a potentially good opportunity to buy the cryptocurrency. At the time of writing, Bitcoin is trading at $57,241, down 10.89% over the past seven days, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
