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After the market turbulence of “Crypto Black Monday” Bitcoin has returned to $62,000; traders are citing a good trend on the seven-day price chart. Just few days have passed. Some analysts predict that Bitcoin could have reached its lowest point and would therefore enable potential upward development.
In an August 8 analysis video, crypto trader Matthew Hyland underlined as Bitcoin topped $61,000: “Bitcoin is seeing a massive green weekly candle with a huge wick,” Suggesting a great probability that Bitcoin’s bottom is already in, he said this trend is turning into a “massive bull hammer” on the weekly time frame.
Market Sentiment Shifts After Brief Rebound
On August 8, Bitcoin nearly reached $62,510; it then settled at $61,068, a 12.46% increase from the day before. Those who think the August 5, first since February, recent drop below $50,000 might have been using a bear trap—a strategy wherein experienced traders sell off assets to momentarily lower the price, thereby capturing short-sellers.
Under alias Byzantine General, a merchant, said on X, “What a weird weekly. Most likely the most beautiful bear trap I have ever seen.” The attitude of futures traders has also altered; they now account for 52.48% of the market, obviously leaning toward long bets depending to CoinGlass data.
Future Outlook Remains Divided
Though there is strong momentum, not all analysts feel that Bitcoin has bottom line. Some worry that additional unfavorable occurrences might happen before the next significant increase. Head of research at 10x Research Markus Thielen remarked on August 7 that for optimal timing of the next bull market entry, Bitcoin prices might have to go into the mid $40,000s. Likewise, Timothy Peterson, founder of Cane Island Alternative Advisors, suggested that within the next sixty days both $40,000 and $80,000 are equally reasonable price ranges.
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