Bitcoin’s Bullish Reversal: Is $83,500 in Sight Before July?
- Bitcoin has soared 14% since the crash to $56.6K, reclaiming the $64K channel.
- An analyst said $67.5K re-entry sets the path to new ATH in the $83.5K level.
- Where the re-entry fails, a retest of $60K is expected before the rally to $83.5K by July.
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. Expectedly, the alternative cryptocurrencies have leveraged Bitcoin’s rebound to regain lost territories.
However, given that the market’s recovery has been ongoing for at least two days, prominent market watchers are examining how long the recovery could last before another bearish turn.
Among those commenting on the subject is Matthew Hyland, a widely followed Bitcoin analyst. In a recent post on X, Hyland suggested two possible scenarios that could play out.
Initially, the analyst…
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