{"id":638389,"date":"2024-08-29T02:30:33","date_gmt":"2024-08-29T02:30:33","guid":{"rendered":"https:\/\/ktsl888.com\/?p=638389"},"modified":"2024-08-28T18:05:06","modified_gmt":"2024-08-28T18:05:06","slug":"bitcoins-sudden-drop-could-this-be-a-setup","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/bitcoins-sudden-drop-could-this-be-a-setup\/","title":{"rendered":"Bitcoin\u2019s Sudden Drop: Could This Be a Setup for a Massive Rally? Analyst Weighs In"},"content":{"rendered":"<p>Bitcoin, the world\u2019s leading cryptocurrency, has experienced a noticeable decline in its price over the past two days, dropping from a high of $63,000 to as low as $57,000. This decrease can be considered as unexpected as it surprised many.<\/p>\n<p>So far, crypto analysts are\u00a0<span style=\"margin: 0px;padding: 0px\"><a href=\"https:\/\/ktsl888.com\/bitcoin-news\/data-shows-sellers-have-returned-to-bitcoin-is-a-major-price-drop-on-the-horizon\/\" target=\"_blank\" rel=\"noopener \">reassessing their outlook<\/a> on Bitcoin. Despite<\/span>\u00a0no hope of a bullish catalyst in sight,\u00a0some analysts believe this ongoing plunge could be a temporary setback in a larger bullish trend.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/data-shows-sellers-have-returned-to-bitcoin-is-a-major-price-drop-on-the-horizon\/\" target=\"_blank\" rel=\"noopener \">Data Shows Sellers Have Returned To Bitcoin: Is A Major Price Drop On The Horizon?<\/a><\/div>\n<h2>Bitcoin Decline Suggests A Setup For Massive Rally?<\/h2>\n<p>Renowned crypto analyst Javon Marks recently <a href=\"https:\/\/twitter.com\/JavonTM1\/status\/00476934?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">shared<\/a> his updated perspective on Bitcoin, suggesting that the recent dip may be a short-lived pullback rather than the start of a prolonged downtrend.<\/p>\n<p>According to Marks, Bitcoin exhibits several bullish patterns that point towards a recovery back to the $65,000 level. He emphasizes that while the current drop is significant, the broader <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoins-august-candle-hints-at-major-reversal\/\" target=\"_blank\" rel=\"noopener \">market structure<\/a> remains intact.<\/p>\n<figure style=\"width: 3860px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GWEaG63WQAATR86?format=jpg&amp;name=4096x4096\" alt=\"Bitcoin chart. \" width=\"3860\" height=\"2140\"><figcaption class=\"wp-caption-text\">Bitcoin chart. | Source: Javon Marks on X<\/figcaption><\/figure>\n<p>Marks highlighted that one of the bullish patterns seen in Bitcoin\u2019s near-term chart indicates a potential reversal that could lead to a recovery above $65,000.<\/p>\n<p>He further elaborated that on a larger scale, another <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-drops-60k\/\" target=\"_blank\" rel=\"noopener \">bullish formation<\/a> suggests a possible 21% increase from the current levels, potentially pushing Bitcoin\u2019s price to over $73,000. This optimistic outlook is based on historical patterns and technical indicators that suggest Bitcoin may be gearing up for a strong rebound.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">One of multiple <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#Bitcoin<\/a> (BTC)&#8217;s bullish patterns in the near term is present here, suggesting the recent pullback to be temporary and a recovery back to the $65,000s!<\/p>\n<p>On a larger scale, another bull pattern continues to suggest an over 21% climb from here to $73,000+&#8230; <a href=\"https:\/\/t.co\/sDVnmZbkIo\" target=\"_blank\" rel=\"noopener nofollow\">https:\/\/t.co\/sDVnmZbkIo<\/a> <a href=\"https:\/\/t.co\/4k1rJV5EYU\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/4k1rJV5EYU<\/a><\/p>\n<p>\u2014 JAVON\u26a1\ufe0fMARKS (@JavonTM1) <a href=\"https:\/\/twitter.com\/JavonTM1\/status\/00476934?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">August 28, 2024<\/a><\/p><\/blockquote>\n<h2>Was The Dip Something Out Of Ordinary?<\/h2>\n<p>While some investors may be anxious about the recent downturn, other <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/buying-bitcoin-now-like-sub-10000-in-2019\/\" target=\"_blank\" rel=\"noopener \">analysts encourage calm<\/a>. Moustache, a well-known figure in the crypto analysis community, compared the current market situation to Bitcoin\u2019s performance during the 2020 COVID-19 crash.<\/p>\n<p>He pointed out that the current decline resembles the market behavior observed during that period, eventually leading to a<a href=\"https:\/\/ktsl888.com\/bitcoin-news\/analyst-predicts-bitcoin-will-top-out-by-2025-but-at-what-price-target\/\" target=\"_blank\" rel=\"noopener \"> significant recovery<\/a>.<\/p>\n<figure style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GWDd1M8XQAAIV9Q?format=jpg&amp;name=medium\" alt=\"Bitcoin chart comparison.\" width=\"1200\" height=\"608\"><figcaption class=\"wp-caption-text\">Bitcoin chart comparison. | Source: Moustache on X<\/figcaption><\/figure>\n<p>Moustache shared charts comparing the 2020 COVID crash with the ongoing market performance in 2024, particularly focusing on the similarities between Bitcoin\u2019s price action during these two periods.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/buying-bitcoin-now-like-sub-10000-in-2019\/\" target=\"_blank\" rel=\"noopener \">Buying Bitcoin Now Is Like Getting It Below $10,000 In 2019: Experts<\/a><\/div>\n<p>He noted that, despite the short-term volatility, Bitcoin\u2019s price movements in 2024 appear to be following a similar pattern to the 2020 recovery. According to Moustache, this is a positive sign that suggests Bitcoin could soon rebound, mirroring the post-crash surge seen in 2020.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/GJQfAs8m\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1496\"><figcaption class=\"wp-caption-text\">BTC price is moving sideways on the 2-hour chart. Source: BTC\/USDT on<a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\"> TradingView.com<\/a><\/figcaption><\/figure>\n<p>Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin, the world\u2019s leading cryptocurrency, has experienced a noticeable decline in its price over the past two days, dropping from a high of $63,000 to as low as $57,000. This decrease can be considered as unexpected as it surprised many. So far, crypto analysts are\u00a0reassessing their outlook on Bitcoin. Despite\u00a0no hope of a bullish catalyst in sight,\u00a0some analysts believe this ongoing plunge could be a temporary setback in a larger bullish trend. Related Reading: Data Shows Sellers Have Returned To Bitcoin: Is A Major Price Drop On The Horizon? Bitcoin Decline Suggests A Setup For Massive Rally? Renowned crypto analyst Javon Marks recently shared his updated perspective on Bitcoin, suggesting that the recent dip may be a short-lived pullback rather than the start of a prolonged downtrend. According to Marks, Bitcoin exhibits several bullish patterns that point towards a recovery back to the $65,000 level. He emphasizes that while the current drop is significant, the broader market structure remains intact. Marks highlighted that one of the bullish patterns seen in Bitcoin\u2019s near-term chart indicates a potential reversal that could lead to a recovery above $65,000. He further elaborated that on a larger scale, another bullish formation suggests a possible 21% increase from the current levels, potentially pushing Bitcoin\u2019s price to over $73,000. This optimistic outlook is based on historical patterns and technical indicators that suggest Bitcoin may be gearing up for a strong rebound. One of multiple #Bitcoin (BTC)&#8217;s bullish patterns in the near term is present here, suggesting the recent pullback to be temporary and a recovery back to the $65,000s! On a larger scale, another bull pattern continues to suggest an over 21% climb from here to $73,000+&#8230; https:\/\/t.co\/sDVnmZbkIo pic.twitter.com\/4k1rJV5EYU \u2014 JAVON\u26a1\ufe0fMARKS (@JavonTM1) August 28, 2024 Was The Dip Something Out Of Ordinary? While some investors may be anxious about the recent downturn, other analysts encourage calm. Moustache, a well-known figure in the crypto analysis community, compared the current market situation to Bitcoin\u2019s performance during the 2020 COVID-19 crash. He pointed out that the current decline resembles the market behavior observed during that period, eventually leading to a significant recovery. Moustache shared charts comparing the 2020 COVID crash with the ongoing market performance in 2024, particularly focusing on the similarities between Bitcoin\u2019s price action during these two periods. Related Reading: Buying Bitcoin Now Is Like Getting It Below $10,000 In 2019: Experts He noted that, despite the short-term volatility, Bitcoin\u2019s price movements in 2024 appear to be following a similar pattern to the 2020 recovery. According to Moustache, this is a positive sign that suggests Bitcoin could soon rebound, mirroring the post-crash surge seen in 2020. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":638403,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,629,6848,1119,78790,6664,10923],"class_list":["post-638389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-bitcoin-price-prediction","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market"],"acf":[],"yoast_head":"\n<title>Bitcoin Sudden Drop: Could This Be a Setup for a Massive Rally? Analyst Weighs In<\/title>\n<meta name=\"description\" content=\"Bitcoin, the world\u2019s leading cryptocurrency, has experienced a noticeable decline in its price over the past two days, dropping from a...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoins-sudden-drop-could-this-be-a-setup\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Sudden Drop: Could This Be a Setup for a Massive Rally? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/ktsl888.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin\u2019s Sudden Drop: Could This Be a Setup for a Massive Rally? 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