July 17, 2024
1 Solar System Way, Planet Earth, USA

Bitcoin Bullish Reversal: Analyst Predicts Further Bullish Reversal, New ATH Coming?

Bitcoin continues to experience significant and dismal price movements, fueling broader negative sentiment across the cryptocurrency market, which has led to increased uncertainty among investors and traders. Despite this bearish move in recent days, popular cryptocurrency analyst and trader Javon Marks, who researches Bitcoin price action, has foretold an imminent much larger bullish reversal, leading to a new all-time high before the end of 2024.

Bitcoin prepares for a massive bullish bounce

Javon Mark's forecast emphasizes the crypto asset's recent breakout of a falling wedge pattern that could signal the conclusion of the current bearish phase and pave the way for substantial bullish momentum.

Market analysts have been keeping an eye on the falling wedge formation, which is generally considered a bullish indicator. According to the crypto expert, bitcoin It has now broken out of the falling wedge formation with notable volume.

BTC primed for massive bullish reversal | Fountain: Javon brand in X

As a result, Javon Marks believes a much larger bullish reversal is about to begin, underscoring the strength of the breakout. At this point, Javon Marks noted that a reversal to $70,000+ may already be in play and that the magnitude of this move could result in new all-time highs for BTC for the year.

The post said:

Bitcoin (BTC) breaks out of the Falling Wedge pattern with noteworthy volume and this may be the start of a much larger bullish reversal. A recovery to over $70,000 may be in its early stages here and the extent of this reversal may lead to new 2024 highs.

It is worth noting that the analyst initially made a bold prediction when he first cited the falling wedge pattern on the BTC chart. During that time, Javon Marks highlighted that the digital asset appears to be forming a falling wedge pattern, which may be a sign of a bullish reversal.

This formation, combined with a bullish pattern that has already been validated, predicted that a bullish breakout could be on the horizon. “A new dawn in this bullish cycle “Bitcoin may be getting closer,” he added.

Growing fear and disinterest in BTC

Javon Marks' bullish forecast comes against a backdrop of fluctuating prices, mixed market sentiment, and growing fears of investors. Currently, BTC has fallen below the $65,000 price level, down to $63,700, indicating a drop of over 3% in the last day.

Experts attribute BTC's recent drop to several developments, such as widespread FUD by traders. Onchain analysis firm, Santiment has reported an increase in investor fear and disinterest towards BTC. According to Santiment, since the price of Bitcoin ranges between $65,000 and $66,000, most investors are either afraid of it or don't care.

The platform stated that this prolonged degree of FUD is unusual as traders are still giving in. However, Santiment claims in the presence of accumulated whales combined with btc fatigue, the long FUD may come to an end, causing rebounds that are worthwhile for the patient.

BTC is trading at $63,746 on 1D chart | Source: BTCUSDT in Tradingview.com

Featured image from iStock, chart from Tradingview.com

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