Bitcoin It recently reclaimed $64,000, aiding a recovery in the cryptocurrency market. This rise comes less than a week after BTC crashed to $56,500.
BTC has recovered over 14.15% since its crash on May 1. As expected, altcoin prices also managed to take advantage of Bitcoin’s recovery to regain lost territory.
However, the market recovery has been ongoing for at least two days. This is brought up by analysts with the question of how long it can last before a new decline.
Matthew Hyland, a popular Bitcoin analyst, suggested that two possible scenarios could occur.
First, he argued that Bitcoin regaining $67,500 during this bullish period would pave the way for a more aggressive rally that would take the asset’s price into uncharted price territory. More specifically, he thinks BTC will hit a new all-time high shortly after regaining $67,000.
As we reported as Koinfinans.com, he then highlighted other events that could occur if Bitcoin fails to re-enter the $67,500 range. He presented a chart predicting Bitcoin’s trajectory. The chart shows that a short pullback to $60,500 could occur. However, this development is expected to be the move that will increase the BTC price to $ 71,500. Meanwhile, following the rise to $71,500, a test of the 67,000 range is likely once again.
According to Hyland, this retest will push Bitcoin aggressively towards $83,500, which means a new high. Interestingly, Hyland expects these predictions to come true before July.
Other prominent market watchers have expressed similar optimism that Bitcoin will head towards the $80,000 range after falling to $56,000.
