A widely followed crypto strategist believes that Bitcoin (BTC) is repeating its recovery from early 2020, when it crashed more than 50% in one week before recovering to new highs.
Pseudonymous analyst The Crypto Dog tells According to its 811,100 followers on social media platform
“From here I started to consider a very bullish view of the market, comparing this $70,000-$50,000 breakdown to the Covid crash [of] March 2020.
Time will tell, open to other scenarios, but this could be the very beginning of the actual bull run.”
About four years ago, Bitcoin fell from $8,000 to around $3,700 in just seven days as people panicked during the rise of the global pandemic. But after the collapse, Bitcoin rose to new highs within months.
According to The Crypto Dog, Bitcoin looks strong as long as the support remains at $58,800.
“I think BTC is still turbo bullish if the lows hold.”
At the time of writing, Bitcoin is trading at $59,400.
On top of Bitcoin, the analyst say he oversees two decentralized finance (DeFi) altcoins.
“BTC has made a higher low and is now looking to get back to the highs.
CRV bullish is about to break out of a nearly month-long consolidation.
AAVE below trendline resistance, a break sends back to highs, may not be done yet even though it has had a big run.
At the time of writing, CRV is trading at $0.324, up almost 6% on the day, while AAVE is worth $132.29.
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Generated image: Midjourney