Despite initial expectations of a robust bull run this year, Bitcoin (BTC) has experienced severe declines, dropping below the $60,000 mark. A crypto analyst predicts that Bitcoin could crash below $40,000 but also foresees a major rebound afterward.
The analyst, known as ‘Magog PhD,’ shared a unique encounter with a Bitcoin billionaire who provided a chart forecasting Bitcoin’s price trajectory. The chart indicated a potential decline to new lows, even below $32,000, but also highlighted the possibility of a breakout above $76,000 following the crash.
Technical analyst ‘Titan of Crypto’ corroborates a bullish outlook, noting that Bitcoin is forming a “Cup and Handle” pattern. This technical chart pattern is a bullish continuation signal, suggesting an eventual breakout to the upside, potentially reaching $110,000.
Additionally, Bitcoin achieved a historic milestone with the formation of a weekly Golden Cross, a bullish signal where a short-term Moving Average (MA) crosses above a long-term MA. This could trigger a massive bull run for the cryptocurrency.
