Bitrabo Editorial
Bitcoin’s recent downward price movement has created a negative sentiment in the cryptocurrency market, causing uncertainties among investors. Despite this, cryptocurrency analyst Javon Marks has foreseen a significant bull reversal for Bitcoin, potentially leading to a new all-time high by the end of 2024.
Potential Massive Bull Rebound in Bitcoin Forecasted
Javon Marks has pointed out that Bitcoin recently broke out of a falling wedge pattern, indicating a possible end to the bearish phase and setting the stage for a substantial upward momentum.
The breaking of the Falling Wedge formation, a bullish indicator, with noteworthy volume has led the expert to predict a larger bull reversal on the horizon. Marks believes that Bitcoin might see a reversal back to $70,000+ and could potentially reach new all-time highs this year.
Javon initially observed the falling wedge pattern in Bitcoin’s chart and predicted a bull reversal. Supported by this pattern along with other bullish signals, he anticipates an upcoming positive breakout for Bitcoin. He stated, “A new dawn in this bull cycle may be nearing for Bitcoin.”
Concerns Rise as BTC Faces Fear and Disinterest
Despite the optimistic forecast, Bitcoin’s price has dipped below $65,000 to $63,700, reflecting a 3% decline in the past day. This downward trend has led to growing fear and disinterest among investors.
Experts attribute Bitcoin’s recent decline to factors like prolonged fear, uncertainty, and doubt (FUD) from traders. Analysts at Santiment have reported an increase in fear and indifference towards BTC, stating that many investors are either worried or indifferent about the current price range.
Santiment mentioned that while the FUD persists, there is a possibility of a turnaround due to whale accumulation and investor fatigue, leading to potential profitable bounces for patient investors.