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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Mirroring The Crash: Can Bitcoin Rise As Fast As It Fell?

Scott Matherson
Scott Matherson
10 months ago
3 mins read
Bitcoin recovery

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A crypto analyst has maintained a bullish outlook on Bitcoin (BTC), the world’s largest cryptocurrency, predicting massive rallies in the future. The analyst projects that Bitcoin could rise as fast as it fell, mirroring the speed of its crash as it regains all the value shed during its decline. 

Bitcoin Set For Rapid Recovery

In an X (formerly Twitter) post on August 6, a crypto analyst identified as ‘The Crypto Dog’ has shared an optimistic forecast on the future outlook of Bitcoin. The analyst believes that Bitcoin may recover quickly from its recent market declines, highlighting that the pioneer cryptocurrency would regain its lost ground at a pace as swift as its previous crash. 

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The analyst’s bullish outlook on Bitcoin’s price comes after the cryptocurrency quickly rebounded from its former lows and maintained a crucial support level around the $54,000 price mark. Bitcoin’s resilience at maintaining a price above the $54,000 level could be a possible bullish signal, considering the cryptocurrency fell drastically below $50,000 in the previous weeks. 

In recent days, Bitcoin has shown remarkable strength after witnessing a crash that led to more than 20% of its value wiped. Despite the substantial price decline, the cryptocurrency appears to be on a major recovery trend, steadily approaching the $60,000 point once again. 

Earlier this year, Bitcoin rapidly rose to an all time high above $73,000, driven by the approval and launch of Spot Bitcoin ETFs. Following this rally to a new ATH, Bitcoin underwent its cyclic halving event which at the time was considered a bullish event that could propel the price of the cryptocurrency even higher. 

Despite analysts’ bullish projections of Bitcoin during this bullish cycle, the cryptocurrency has faced major liquidations, driving its price down to new lows. Nonetheless, whales continue to buy Bitcoin at a rapid pace, taking advantage of the lower prices and accumulating over 30,000 BTC worth about $1.62 million. 

Analyst Says Now Is The Best Time To Buy BTC

A crypto analyst, identified as ‘the on-chain college’ has highlighted the most opportune time to invest in Bitcoin. The analyst suggests that if investors expect Bitcoin to rally to new highs within the next 6 to 12 months, now could be the perfect time to buy the cryptocurrency.

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Sharing a chart of Bitcoin’s price movements, the analyst mentions the Mayer Multiple, a unique metric that compares Bitcoin’s current price to its 200-day moving average. He disclosed that Bitcoin’s Mayer Multiple is currently at its lowest level since the bottom of the 2022 bear market. 

Bitcoin 1
Source: Glassnode

This implies that a low Mayer Multiple indicates that Bitcoin is undervalued, making it a potentially good opportunity to buy the cryptocurrency. At the time of writing, the price of Bitcoin is trading at $57,241, marking a 10.89% decrease over the past seven days, according to CoinMarketCap. 

Bitcoin price chart from Tradingview.com
BTC price drops toward $57,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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