In the daily chart, the Bitcoin price shows a V-shaped recovery, which takes a pullback for the retest phase. The recovery run in Bitcoin price took a bearish exit over the weekend, with a 0.88% drop on Saturday as it faced resistance near $60,500.
Further, the bearish turnaround results in a third consecutive bearish candle today with an intraday pullback of 0.73%.
Currently, the downfall accounts for a 3.45% decline and is currently testing the $58,655 support level. Based on the Fibonacci levels, this comes at the 23.60% level, with the next target at 50% Fibonacci level at $63,847. The low-pricing action in the daily candle teases a potential comeback for Bitcoin near the support zone.
Amid the resurgence of the bearish influence, the upcoming trend in Bitcoin is likely to bounce back. Supporting the uptrend chances, Quentin Francois, co-founder of Werate, has tweeted about a potential comeback in Bitcoin.
Stating that the average Bitcoin cycle of a bull run starts 170 days after the halving and peaking at 480 days after the halving. The Bitcoin bull run is yet to start. We are standing at 147 days after the BTC halved and are likely to surpass the all-time high.
In support of the upcoming trend, the Titans of Crypto, a Bitcoin investor, has tweeted about the upcoming Bitcoin rally. Sharing a bullish insight, Titan of Crypto shares the previous cycle when the price retested the 50-week SMA. The bullish recovery resulted in a 40% uptrend at the very least.
On average, the bounce has led to a 70% surge. In such a case, as the BTC price is currently testing the 50-week SMA, a 71% rally from the current market price could reach the $92,000 target. This is extremely close to the 100k target that the broader market anticipates for Bitcoin this year.
Further, the upcoming chances of a bull run increase with the FOMC meeting in two and a half days, teasing a potential rate cut. Based on the FedWatch tool, the chances of a 475-500 basis point cut have increased to 59%.
In conclusion, despite the minor pullback, the Bitcoin price is likely to regain bullish momentum this week. In such a case, the next target for the biggest crypto stands at $63,847.
XRP Wondering about the BTC price by the end of 2024? Check out Coinpedia’s Bitcoin Price Prediction for 2024 to 2030 to determine if the $100K target is on the cards.
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