A well-known crypto analyst thinks Bitcoin (BTC) might be about to go on a big run. They’re comparing the recent dip below $50,000 to the crash that happened in early 2020 during the start of the COVID-19 pandemic.
A Flashback to 2020
Back in 2020, Bitcoin plunged from around $8,000 to $3,700 in just a week as people panicked about the pandemic. But after that crash, Bitcoin quickly recovered and reached new highs within a few months.
A Similar Pattern?
This analyst believes Bitcoin could be following a similar pattern now. They think the recent dip was a temporary setback and that Bitcoin could be on the verge of a new bull market.
Key Levels to Watch
The analyst says Bitcoin looks strong as long as it stays above $58,800. They’re also keeping an eye on two DeFi coins, CRV and AAVE, which they believe could also be on the verge of a breakout.
Disclaimer
Remember, this is just one analyst’s opinion. It’s important to do your own research before making any investment decisions. Cryptocurrencies are risky investments, and you could lose money.
