9 August 2024
A crypto analyst has maintained a bullish outlook on Bitcoin (BTC), the world’s largest cryptocurrency, predicting massive rallies in the future. The analyst projects that Bitcoin could rise as fast as it fell, mirroring the speed of its crash as it regains all the value 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 future outlook of Bitcoin. The analyst believes that Bitcoin may recover 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.
The analyst’s bullish outlook on Bitcoin’s price comes after the cryptocurrency quickly rebounded from its former lows and maintained a crucial support level around the $54,000 price mark. Bitcoin’s resilience at maintaining a price above the $54,000 level could be a possible bullish signal, considering the cryptocurrency fell drastically below $50,000 in the previous weeks.
In recent days, Bitcoin has shown remarkable strength after witnessing a crash that led to more 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 again.
Earlier this year, 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 new ATH, Bitcoin underwent its cyclic halving event which at the time was considered a bullish event that could propel the price of the cryptocurrency even higher.
Despite analysts’ bullish projections of Bitcoin during this bullish cycle, the cryptocurrency has faced major liquidations, driving its price down to new lows. Nonetheless, whales continue to buy Bitcoin at a rapid pace, taking advantage of the lower prices and accumulating over 30,000 BTC worth 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 the most opportune time to invest in Bitcoin. The analyst suggests that if investors expect Bitcoin to rally to new highs within the next 6 to 12 months, now could be the perfect time to buy the cryptocurrency.
Sharing a chart of Bitcoin’s price movements, the analyst mentions the Mayer Multiple, a unique 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 since the bottom of the 2022 bear market.
This implies that a low Mayer Multiple indicates that Bitcoin is undervalued, making it a potentially good opportunity to buy the cryptocurrency. At the time of writing, the price of Bitcoin is trading at $57,241, marking a 10.89% decrease over the past seven days, according to CoinMarketCap.