Bitcoin continues to experience significant dark price swings, fueling broader negative sentiment across the entire cryptocurrency market, which has led to increased uncertainty among investors and traders. Despite this pessimistic movement in recent days, popular cryptocurrency analyst and trader Javon Marks, investigating the price development of Bitcoin, has predicted a much larger imminent bullish reversal, leading to a new all-time high before the 2024 close.
Bitcoin prepares for a massive bullish rebound
Javon Mark’s prognosis highlights the crypto asset’s recent breakout from a falling wedge pattern, potentially signaling the conclusion of the current bearish phase and paving the way for substantial bullish momentum.
Market analysts have been closely monitoring the Falling Wedge formation, which is generally considered a bullish indicator. According to the cryptography expert, Bitcoin has now broken out of the falling wedge formation with remarkable volume.
As a result, Javon Marks believes a much larger bullish reversal is about to begin, highlighting the strength of the breakout. At this point, Javon Marks noted that a return to over $70,000 could already be in play and the magnitude of this move could result in new all-time highs for BTC over the course of the year.
The message said:
Bitcoin (BTC) is breaking out of the Falling Wedge pattern with remarkable volume, which could be the start of a much larger bullish reversal. A recovery to above $70,000 could be in its early stages here and the magnitude of this reversal could lead to new 2024 highs.
It is worth noting that the analyst initially made a bold prediction when he first cited the falling wedge trend in the BTC chart. During this period, Javon Marks pointed out that the digital asset appears to be forming a falling wedge pattern, which may be a sign of a bullish reversal.
This formation, coupled with an already validated uptrend, predicted that a bullish breakout could be on the horizon. “A new dawn in this bull cycle could be close for Bitcoin,” he added.
Growing fear and disinterest in BTC
Javon Marks’ bullish forecast comes against a backdrop of price swings, conflicting market sentiments and growing investor fears. investors. Currently, BTC has fallen below the $65,000 price level, down to $63,700, indicating a decline of over 3% over the past day.
Experts attribute BTC’s recent decline to several developments such as widespread FUD from traders. Onchain analysis firm, Santiment has reported a rise in fear and disinterest among investors towards BTC. According to Santiment, since the price of Bitcoin ranges between $65,000 and $66,000, the majority of investors are afraid or don’t care about it.
The platform said this prolonged degree of FUD is unusual, as traders are still giving in. However, Santiment claims that the presence of accumulated whales combined with BTC In case of fatigue, the long FUD may end, leading to rebounds paying off for the patient.
Featured image from iStock, chart from Tradingview.com
