A popular cryptocurrency strategist believes Bitcoin (BTC) is repeating the recovery seen in early 2020, when it plunged more than 50% in a week before hitting new all-time highs.
The anonymous analyst The Crypto Dog told his 811,100 followers on social media platform X that Bitcoin is likely on the verge of a new bullish rally after bouncing off its lows of $48,000 earlier this month.
“From here, I started to consider a very optimistic view of the market, comparing this crash from $70,000 to $50,000 to the COVID crash in March 2020.
Other scenarios may be possible over time, but this could be the start of a real bull market.”
About four years ago, Bitcoin crashed from $8,000 to $3,700 in just seven days as people panicked over the emergence of a global pandemic. But after the crash, Bitcoin rose to new highs within a few months.
According to The Crypto Dog, Bitcoin is expected to remain bullish as long as it holds support at $58,800.
“I think BTC will still be in a turbo bullish trend if it holds its lows.”
As of this writing, Bitcoin is trading at $59,400.
The analyst said he is monitoring two decentralized finance (DeFi) altcoins in addition to Bitcoin.
“BTC has made higher lows and now wants to go back to its highs.
CRV is expected to show strength just before breaking out of its one-month consolidation level.
AAVE is below trendline resistance and will revert to highs if it breaks through. It has shown a big uptrend but may not be ready yet.”
At the time of writing, CRV was trading at $0.324, up about 6% on the day, while AAVE was valued at $132.29.
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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
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