Coin Edition -
- Bitcoin has soared 14% since the crash to $56.6K, reclaiming the $64K channel.
- An analyst said $67.5K re-entry sets the path to new ATH in the $83.5K level.
- Where the re-entry fails, a retest of $60K is expected before the rally to $83.5K by July.
Over the last 48 hours, the crypto market has been in a significant recovery mode, with the premier cryptocurrency, Bitcoin (BTC), reclaiming the $64K threshold. This bullish market emerged less than a week after Bitcoin collapsed to $56,500.
With Bitcoin’s intraday high of $64,500 at press time, the premier asset has rebounded by over 14.15% since the May 1 crash. Expectedly, the alternative cryptocurrencies have leveraged Bitcoin’s rebound to regain lost territories.
However, given that the market’s recovery has been ongoing for at least two days, prominent market watchers are examining how long the recovery could last before another bearish turn.
Among those commenting on the subject is Matthew Hyland, a widely followed Bitcoin analyst. In a recent post on X, Hyland suggested two possible scenarios that could play out.
Initially, the analyst argued that Bitcoin reclaiming $67,500 in this bullish run would set the path for a more aggressive rally that would drive the asset’s price to unexplored price territories. More specifically, he sees Bitcoin establishing a new all-time high shortly after regaining $67.5K.
Meanwhile, in a follow-up post, he highlighted other events that could surface if Bitcoin fails to re-enter the $67,500 range. He presented a chart that foreshadows Bitcoin’s trajectory.
The graph suggested the market could witness a brief retracement to the $60,500 price level. However, this development is anticipated to catapult Bitcoin’s value to $71,500. Meanwhile, another retest of the $67K range is expected following the surge to $71,500.
Source: Matthew Hyland on X
In Hyland’s view, this retest would aggressively push Bitcoin toward the $83,500 range, a price level the premier asset has never seen. Interestingly, Hyland expects these projections to materialize before July.
Other prominent market observers have conveyed similar optimism that Bitcoin is headed for the $80K range after the crash to $56K. At press time, BTC trades at around $63,870.
The post Bitcoin’s Bullish Reversal: Is $83,500 in Sight Before July? appeared first on Coin Edition.