Bitcoin (BTC) has recovered from a three-week negative trend, rising to a five-day high of $48,731.
Bitcoin is presently trading at $48,544, up 5% in the last 24 hours. On the one-hour chart, BTC produced five straight green candles before retracing slightly from the daily high.
Is it possible for BTC to recoup $60K?
In the second week of November, Bitcoin reached an all-time high of $68.789, but its monthly returns were negative owing to a market sell-off that began in the second week of November. With yet another huge fall in the first week of December, BTC has lost all of its October gains and is now down 30% from its all-time high.
While market analysts predicted a positive fourth quarter, the crypto market has been relatively negative in November and December. On the most famous stock to flow chart popularized by analyst Plan B, BTC missed its initial price goal of roughly $98K. The expert recognized that after failing to meet the goal price, the BTC price will make its first substantial departure, but said that $69K is not the peak. “, he explained.
“I don’t think $69K was the top for this halving cycle. If $69K were the top than a typical bear market -80% drawdown would bring the bottom to $14K .. below 2017 ATH ($20K) and below 200WMA ($18K). Nah, that has never happened and IMO will never happen.”
Bitcoin is now aiming for a solid support level of $50K, after which it will target the sub-$60K zone. With the Christmas season approaching and inflation rates reaching decade highs, BTC might gain traction in the same way it did at this time last year.
