- Bitcoin may be on its way to a steady recovery.
- The pioneer crypto asset could turn bullish from a bearish trend.
- A bullish reversal pattern forms on the BTC price chart.
The price of Bitcoin (BTC) continues to stagger at the mid $80,000 price level. SInce the major dips and recovery likely caused by the US Bitcoin Strategic Reserve announcement and the first-ever Crypto Summit in the White House, Bitcoin may be on its way to a steady recovery.
Bitcoin May be on Its Way to a Steady Recovery
While some analysts are still skeptical and expect an even greater dip caused by FUD in the coming months, others are certain that Bitcoin will outperform itself in the long run to go on to set new ATHs between $116,000 to $350,000. One analyst turned fully bearish and went on to sell his holdings to realize his profits now and promised to buy back in the $50,000 - $60,000 price range.
Bullish Reversal Pattern Forms on BTC Price Chart
But his prediction of Bitcoin (BTC) falling so far is not supported by other analysts. As we can see from the post above, Bitcoin is forming a bullish reversal pattern on its price chart. The analyst goes on to explain in detail how an inverted hammer candlestick signals a weakening downtrend.
The bullish reversal pattern often leads to a potential trend reversal from bearish to bullish. The analysts says confirmation is key and encourages to keep a close watch on this move as it could mean an explosive bullish reversal for the pioneer crypto asset. This could also lead to altcoins rallying soon.