{"id":633984,"date":"2024-08-09T01:00:00","date_gmt":"2024-08-09T01:00:00","guid":{"rendered":"https:\/\/wncen.com\/?p=633984"},"modified":"2024-08-08T10:22:05","modified_gmt":"2024-08-08T10:22:05","slug":"can-bitcoin-rise-as-it-fell","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/can-bitcoin-rise-as-it-fell\/","title":{"rendered":"Mirroring The Crash: Can Bitcoin Rise As Fast As It Fell?"},"content":{"rendered":"

A crypto analyst has maintained a bullish outlook on Bitcoin (BTC), the world\u2019s largest cryptocurrency, predicting <\/span>massive rallies in the future<\/span><\/a>. The analyst projects that Bitcoin could rise as fast as it fell, mirroring the <\/span>speed of its crash <\/span><\/a>as it regains all the value shed during its decline.\u00a0<\/span><\/p>\n

Bitcoin Set For Rapid Recovery<\/h2>\n

In an X (formerly Twitter) <\/span>post<\/span><\/a> on August 6, a crypto analyst identified as \u2018The Crypto Dog\u2019 has shared an optimistic forecast on the future outlook of Bitcoin. The analyst believes that <\/span>Bitcoin may recover quickly<\/span><\/a> from its recent market declines, highlighting that the pioneer cryptocurrency would regain its lost ground at a pace as swift as its <\/span>previous crash<\/span><\/a>.\u00a0<\/span><\/p>\n

Related Reading: Dogecoin Bounces Off Key Support Following Crash Below $0.1<\/a><\/div>\n

The analyst\u2019s bullish outlook on <\/span>Bitcoin\u2019s price <\/span><\/a>comes after the cryptocurrency quickly rebounded from its former lows and maintained a crucial support level around the $54,000 price mark. Bitcoin\u2019s resilience at maintaining a price above the $54,000 level could be a possible bullish signal, considering the <\/span>cryptocurrency fell drastically below $50,000<\/span><\/a> in the previous weeks.\u00a0<\/span><\/p>\n

In recent days, <\/span>Bitcoin has shown remarkable strength<\/span><\/a> 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 <\/span>major recovery trend<\/span><\/a>, steadily approaching the $60,000 point once again.\u00a0<\/span><\/p>\n

Earlier this year, Bitcoin rapidly <\/span>rose to an all time high above $73,000<\/span><\/a>, 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 <\/span>considered a bullish event<\/span><\/a> that could propel the price of the cryptocurrency even higher.\u00a0<\/span><\/p>\n

Despite analysts\u2019 <\/span>bullish projections<\/span><\/a> of Bitcoin during this bullish cycle, the cryptocurrency has faced major liquidations, driving its price down to new lows. Nonetheless, whales continue to <\/span>buy<\/span><\/a> Bitcoin at a rapid pace, taking advantage of the lower prices and accumulating over 30,000 BTC worth about $1.62 million.\u00a0<\/span><\/p>\n

Analyst Says Now Is The Best Time To Buy BTC<\/h2>\n

A crypto analyst, identified as \u2018the on-chain college\u2019 has highlighted the most <\/span>opportune time to invest in Bitcoin<\/span><\/a>. The analyst <\/span>suggests<\/span><\/a> 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.<\/span><\/p>\n

Related Reading: Cardano Price Crash Below $0.3: Is It Time For You To Buy ADA?<\/a><\/div>\n

Sharing a chart of Bitcoin\u2019s price movements, the analyst mentions the Mayer Multiple, a unique metric that compares Bitcoin\u2019s current price to its 200-day moving average. He disclosed that <\/span>Bitcoin\u2019s Mayer Multiple<\/span><\/a> is currently at its lowest level since the bottom of the 2022 bear market.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: Glassnode<\/figcaption><\/figure>\n

This implies that a <\/span>low Mayer Multiple<\/span><\/a> 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.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC price drops toward $57,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

A crypto analyst has maintained a bullish outlook on Bitcoin (BTC), the world\u2019s 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.\u00a0 Bitcoin Set For Rapid Recovery In an X (formerly Twitter) post on August 6, a crypto analyst identified as \u2018The Crypto Dog\u2019 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.\u00a0 Related Reading: Dogecoin Bounces Off Key Support Following Crash Below $0.1 The analyst\u2019s bullish outlook on Bitcoin\u2019s price comes after the cryptocurrency quickly rebounded from its former lows and maintained a crucial support level around the $54,000 price mark. Bitcoin\u2019s 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.\u00a0 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.\u00a0 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.\u00a0 Despite analysts\u2019 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.\u00a0 Analyst Says Now Is The Best Time To Buy BTC A crypto analyst, identified as \u2018the on-chain college\u2019 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. Related Reading: Cardano Price Crash Below $0.3: Is It Time For You To Buy ADA? Sharing a chart of Bitcoin\u2019s price movements, the analyst mentions the Mayer Multiple, a unique metric that compares Bitcoin\u2019s current price to its 200-day moving average. He disclosed that Bitcoin\u2019s Mayer Multiple is currently at its lowest level since the bottom of the 2022 bear market.\u00a0 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.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":634009,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-633984","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nMirroring The Crash: Can Bitcoin Rise As Fast As It Fell?<\/title>\n<meta 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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. Scott\u2019s 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\u2019s 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\u2019s 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\u2019s 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.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Mirroring The Crash: Can Bitcoin Rise As Fast As It Fell?","url":"http:\/\/wncen.com\/news\/bitcoin\/can-bitcoin-rise-as-it-fell\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin\/can-bitcoin-rise-as-it-fell\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Bitcoin-recovery.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Bitcoin-recovery.jpeg?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","crypto","crypto analyst","crypto news"],"dateCreated":"2024-08-09T01:00:00Z","datePublished":"2024-08-09T01:00:00Z","dateModified":"2024-08-09T01:00:00Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Mirroring The Crash: Can Bitcoin Rise As Fast As It Fell?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/can-bitcoin-rise-as-it-fell\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/can-bitcoin-rise-as-it-fell\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Bitcoin-recovery.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Bitcoin-recovery.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto analyst\",\"crypto news\"],\"dateCreated\":\"2024-08-09T01:00:00Z\",\"datePublished\":\"2024-08-09T01:00:00Z\",\"dateModified\":\"2024-08-09T01:00:00Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Bitcoin-recovery.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/633984"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=633984"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/633984\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/634009"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=633984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=633984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=633984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}