Bitcoin experienced a rapid correction, dropping to $40,000, causing panic selling. A crypto analyst predicts a potential retest of $69,000, the all-time high. The analyst cites a cup and handle pattern, suggesting an upcoming rally, with two possible scenarios: an upward rally if sustained support is met, or a correction down to $31,000 if resistance isn't overcome.
Our analysis of the situation
Bitcoin: By now, almost everyone has heard about it. And let’s face it, it has been a rollercoaster of a week for the cryptocurrency. The rapid correction had the market in a frenzy, with investors scrambling to avoid losses. But hold your horses, because amidst the chaos, there’s a glimmer of hope for Bitcoin enthusiasts.
Enter crypto analyst Weslad, who’s predicting a possible rebound back to the holy grail of $69,000 for Bitcoin. Now that’s the kind of news that can make a Monday feel like a Friday, isn’t it?
So, what’s the deal with this potential surge? Well, it all comes down to a cup and handle pattern analysis. According to Weslad, this pattern could indicate a promising future for the cryptocurrency. The completed cup and handle pattern is seen as serving immediate support and demand, signaling a potential upward rally.
But hold on, it's not all smooth sailing from here. There are two possible scenarios that could unfold. The first one, Scenario A, paints a picture of a bullish rally towards overcoming the resistance at $48,000 and $50,000. On the other hand, Scenario B spells out a potential downside, with the price correcting further down towards the critical support zone at $31,000.
So, what’s the takeaway from all of this? It seems like we’re in for a bit of a nail-biter as the Bitcoin saga continues. Whether it’s a triumphant surge towards the elusive $69,000 or a bumpy road ahead, one thing's for sure – the crypto world is never short on thrills. Keep those seatbelts fastened, because the ride isn’t over yet!
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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Please, behave!