Could the Bitcoin Crash Be Over? One cryptocurrency trader is predicting a massive rebound for the pioneer cryptocurrency, expecting it to soar to a new all-time high of $90,000. The bullish prediction comes amid a recent downtrend in Bitcoin prices, which has seen the price fall below $50,000 in recent weeks.
On August 5, cryptocurrency analyst Peter Brandt made a bold prediction in an X post that Bitcoin could rebound sharply to $90,000 in this bull run.
Despite the recent price crash, Bitcoin appears to have regained positive momentum, with prices up 11.77% in just 24 hours. Bitcoin’s daily trading volume has also surged 30.65%, according to the report.
The cryptocurrency appears to be breaking out of its previous bearish trend, steadily approaching previous price highs around $60,000. Currently, Bitcoin is trading at $56,742.
Bitcoin price rises more than 85
Bitcoin price formed a bottom and started a recovery above the $52,500 resistance area. BTC was able to break the $53,500 and $55,500 resistance levels.
The downside move from the $61,040 high to $49,110 low broke the 61.8% Fibonacci retracement level. The bulls even managed to push the price above the $56,500 resistance. However, the bears are likely to remain active near $58,000.
A breakout above the $58,250 resistance level could drive the price further up in the coming sessions. The next key resistance level could be $59,200. The next major hurdle is $60,000. A close above the $60,000 resistance level could initiate a bullish move. In such a case, the price could rise and test the $62,000 resistance level.
BTC drops again?
If bitcoin fails to clear the $58,250 resistance, it could decline again. An immediate support on the downside is near $56,000.
The first major support is at $55,000. The next support is currently near $53,500. If the price declines further, it could drop to the $52,000 support area in the near term.
Operation suggestions:
The main support level – $56,000, followed by $55,000.
Major Resistance Levels – $57,500 and $58,250.
It is recommended to buy 2% more Bitcoin below the oscillation low of 56,300, and reserve 4% more in the 55,200-54,800 range for covering positions.
Stop loss 54500,
Target 57500-58400,
If it breaks, the 58500-58800 range can hold above 59000;
