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- Bitcoin has seen a significant recovery, soaring 14% since the crash to $56.6K, reclaiming the $64K channel.
- An analyst predicts that a $67.5K re-entry could pave the way for a new all-time high (ATH) at the $83.5K level.
- If the re-entry fails, a retest of $60K is expected before the rally to $83.5K by July.
Bitcoin rebounds 14% after crash, reclaiming the $64K channel. Analysts predict a potential new ATH at $83.5K if the $67.5K re-entry is successful.
Bitcoin Recovers, Reclaiming $64K Channel
Over the last 48 hours, the crypto market has been in a significant recovery mode, with the premier cryptocurrency, Bitcoin (BTC), reclaiming the $64K threshold. This bullish market emerged less than a week after Bitcoin collapsed to $56,500. With Bitcoin’s intraday high of $64,500 at press time, the premier asset has rebounded by over 14.15% since the May 1 crash. The alternative cryptocurrencies have leveraged Bitcoin’s rebound to regain lost territories.
Analyst Predicts Potential New ATH
Given the ongoing market recovery, prominent market watchers are examining how long the recovery could last before another bearish turn. Among those commenting is Matthew Hyland, a widely followed Bitcoin analyst. Hyland suggests two possible scenarios. If Bitcoin reclaims $67,500 in this bullish run, it could set the path for a more aggressive rally that would drive the asset’s price to unexplored price territories. More specifically, he sees Bitcoin establishing a new all-time high shortly after regaining $67.5K.
Possible Retest of $60K Before Rally
In a follow-up post, Hyland highlighted other events that could surface if Bitcoin fails to re-enter the $67,500 range. He presented a chart that foreshadows Bitcoin’s trajectory. The graph suggested the market could witness a brief retracement to the $60,500 price level. However, this development is anticipated to catapult Bitcoin’s value to $71,500. Meanwhile, another retest of the $67K range is expected following the surge to $71,500.
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Conclusion
Bitcoin’s recent recovery and the potential for a new ATH provide a promising outlook for the cryptocurrency. However, the market’s volatility means that investors should stay informed and prepared for any possible scenarios, including a retest of the $60K level before a potential rally to $83.5K.
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