An analyst forecasts Bitcoin reaching a new all-time high in September or October, anticipating it to hit $80,000 in 2024. After a decent pullback, Bitcoin is currently consolidating around $70,000. The observed selling pressure has increased due to the anticipation of a death cross, forming bottoms for the second consecutive day.
Long wicks at the bottom of candles indicate a strong presence of bears in the market. The recovery phase is crucial as it will determine the next significant price movements of Bitcoin.
Market participants are keeping a close watch on these developments amid ongoing volatility.