A prominent crypto analyst has maintained a bullish outlook on Bitcoin (BTC), the world’s largest cryptocurrency, predicting massive rallies ahead. The analyst projects that Bitcoin could rise as swiftly as it fell, mirroring the speed of its previous crash as it regains lost value.
In an X (formerly Twitter) post on August 6, an analyst known as ‘The Crypto Dog’ shared an optimistic forecast for Bitcoin. According to the analyst, Bitcoin may quickly recover from recent market declines, regaining its lost ground at a pace as swift as its initial drop.
This bullish outlook comes after Bitcoin rebounded from its former lows and maintained a crucial support level around $54,000. The resilience of Bitcoin at this price point is seen as a possible bullish signal, especially given that the cryptocurrency had previously fallen drastically below $50,000 in prior weeks.
Bitcoin has demonstrated remarkable strength in recent days, following a crash that wiped out over 20% of its value. Despite the substantial decline, Bitcoin appears to be on a major recovery trend, steadily approaching the $60,000 mark once again.
Earlier in the year, Bitcoin surged to an all-time high above $73,000, bolstered by the approval and launch of Spot Bitcoin ETFs. This rally to a new ATH was further supported by Bitcoin’s cyclic halving event, considered a bullish marker that could propel the price even higher.
Despite these optimistic projections, Bitcoin has faced significant liquidations, driving its price to new lows. However, large investors, known as whales, continue to buy Bitcoin at a rapid pace, seizing the opportunity presented by lower prices. These investors have accumulated over 30,000 BTC, valued at approximately $1.62 million.
Another crypto analyst, identified as ‘the on-chain college,’ highlighted the current period as an ideal time to invest in Bitcoin. According to this analyst, if investors expect Bitcoin to reach new highs in the next 6 to 12 months, now could be the perfect time to purchase the cryptocurrency.
The analyst pointed to the Mayer Multiple, a unique metric comparing Bitcoin’s current price to its 200-day moving average, indicating that Bitcoin is undervalued. At the time of writing, Bitcoin’s Mayer Multiple is at its lowest level since the bottom of the 2022 bear market, suggesting a potentially good buying opportunity.
Bitcoin is currently trading at $57,241, marking a 10.89% decrease over the past seven days, according to CoinMarketCap.
