A widely followed crypto strategist believes that Bitcoin (BTC) is repeating its early 2020 recovery when it crashed by over 50% in one week before rallying to new highs.
Pseudonymous analyst The Crypto Dog tells his 811,100 followers on the social media platform X that there’s a good chance Bitcoin is on the verge of a fresh bull rally after bouncing from its recent low of $48,000 earlier this month.
“Started to consider a very optimistic outlook on the market from here, likening this wipeout from $70,000-$50,000 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 plunged from $8,000 to around $3,700 in just seven days as people panicked amid the emergence of the global pandemic. But after the collapse, Bitcoin rallied to fresh highs in a matter of months.
According to The Crypto Dog, Bitcoin looks strong as long as it holds support at $58,800.
“I think BTC is still turbo bullish if the lows hold.”
At time of writing, Bitcoin is trading for $59,400.
On top of Bitcoin, the analyst says he is monitoring two decentralized finance (DeFi) altcoins.
“BTC made a higher low and now wants back to the highs.
CRV bullish close to breaking out near month-long consolidation.
AAVE under trendline resistance, a break sends back to highs, may not be ready though it had a big run.”
At time of writing, CRV is trading for $0.324, up nearly 6% on the day, while AAVE is worth $132.29.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Analyst Likens Bitcoin Collapse Below $50,000 to COVID-Induced 2020 Crash, Sees BTC Starting Actual Bull Run appeared first on The Daily Hodl.
