👀👀Analyst: Bitcoin Bullish Return Poised, Echoing March 2020 Rebound 👀👀
Bitcoin (BTC) is exhibiting similar movements to its early 2020 recovery. Strategists predict that the crypto market could be on the verge of a strong bullish rally. The Crypto Dog analyst highlights key support levels and potential moves.
Bitcoin’s recent price action has led analysts to draw comparisons to early 2020. In March 2020, market panic caused by the global pandemic sent Bitcoin’s price plummeting from $8,000 to around $3,700 in a week. However, this sharp decline was followed by a massive recovery, and Bitcoin reached new all-time highs in the months that followed.
The famous crypto analyst The Crypto Dog says that Bitcoin may be on the verge of a new bull run. As long as Bitcoin maintains its support line at $58,800, the general outlook is quite positive. Bitcoin is currently trading at around $59,400, and maintaining these levels shows that it is in a strong position. The Crypto Dog states that if Bitcoin continues to maintain these critical support levels, it could exhibit a 'turbo bull' performance. In addition to Bitcoin, The Crypto Dog is also closely monitoring decentralized finance (DeFi) altcoins such as Curve Finance (CRV) and Aave (AAVE). CRV is approaching an upward breakout after a month of consolidation. AAVE is currently facing resistance at the trendline. An upward breakout in AAVE could signal a return to previous peaks, but additional market momentum may be required for this move to occur. Currently, CRV is trading at $0.324, showing a daily gain of around 6%, while AAVE is trading at $132.29.
