Bitcoin and the entire cryptocurrency market have been on the brink of a tremendous volatility wave recently. Just last week the entire market saw a tremendous wave of sales that caused Bitcoin and all altcoins to erase the earnings they had recorded over the weeks. While BTC dropped as low as $ 28,000, ETH hit $ 1,000.

 

 

Dream scenario seen for Bitcoin after V-shape recovery

The “V shape” recovery determined after visiting these lows seems exactly what BTC needs to see the continuation of the macro uptrend.

One trader described the price action seen at the cryptocurrency’s recent lows as a “dream scenario” that could take Bitcoin to new heights in the coming weeks.

Bitcoin is currently trading with a price of $ 34,700, slightly higher than 7%. This means that there was a major rally from last Thursday’s lows of just over $ 28,000.

 

DeFi coins on the rise

While Ethereum saw a parabolic rise yesterday, the market is getting stronger as many DeFi altcoins set all-time highs even above their previous peaks.

While the recent consolidation and poor performance of altcoins has been annoying for Bitcoin bulls, one analyst believes BTC is preparing for a higher move.

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Bitcoin and the entire cryptocurrency market have been on the brink of a tremendous volatility wave recently. Just last week the entire market saw a tremendous wave of sales that caused Bitcoin and all altcoins to erase the earnings they had recorded over the weeks. While BTC dropped as low as $ 28,000, ETH hit $ 1,000.

Unless Bitcoin is facing a selling pressure reversing its ongoing rise, there seems no reason why its next move should not be bullish.

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