Bitcoin made a spectacular price recovery as of late, with its break right back above $27,000 over the last day.
According to CoinMarketCap, the cryptocurrency is darting above and below this zone at the time of writing.
However, Bitcoin is still showing healthy signs of bullish activity, with the current 27% rise in its trading volumes that took the figure straight to $13.7 billion.
Bitcoin now boasts a market cap of $523 Billion and appears fundamentally and technically strong so far.
Let's go over what is going on with Bitcoin, and what a few analysts have to say about its recent rally.
According to CoinGlass, Bitcoin's bears have not been having a good day.
Data from the on-chain data tracker shows that Bitcoin's recent rally took a whopping $31 million from the bears, as the crypto market turned green.
Coinglass also shows that 68%, 76.2% and an insane 85.39% of bears were liquidated over the last 24 hours from Binance, Bybit and CoinEx.
Meanwhile, in other news.
Despite recent challenges, a top crypto analyst, Adam Black, has now come out with a bold prediction on Bitcoin
Back, in a recent tweet, mentioned that we might see Bitcoin rally straight up, and even hit the $100,000 mark before the 2024 Halving event.
This prediction is bold, considering how much price uncertainty Bitcoin is currently facing
In detail, Back mentioned that the Bitcoin miners need the price of Bitcoin to hit $98,000 at least before the next halving to be at break-even.
Back says that if the Bitcoin network's hashrate rises at an average of 6.3% every month, like how it happened earlier this year from January until July, the hashrate in April 2024 would be 633 exa-hashes per second.
This puts considerable strain on the miners, as their mining rigs have to consume more power to keep up.
Because of this, the price of the Bitcoin rewards they get for mining, have to rally to keep the miners in business and to keep the Bitcoin network operational and secure.
Nicholas Merten, host of the DataDash YouTube channel, in a new video, mentioned something interesting to his half-million subscribers.
The analyst says that Bitcoin can still plummet nearly 63% from its current value after entering a descending accumulation channel that formed back in 2021.
According to Merten, if Bitcoin's market liquidity continues to decline because of the FED or a possible market recession, we may see a price decline as said recession will worsen the liquidity issue.
The idea that Bitcoin has also never been through a massive recession before, makes it more important that one never happens.
We may see investors start to sell their Bitcoin holdings to raise cash during tough economic times.
Merten warns that the macroeconomic environment that helped Bitcoin soar to its all-time high may also not be returning anytime soon.
Bitcoin experienced a jaw-dropping 90% price plunge on Binance today.
According to reports from Colin Wu, the cryptocurrency's price dropped from $27,100 to an insane $2,707 within 17 minutes.
Before long, however, the chart corrected itself and resumed showing the original Bitcoin price.
As expected, the crypto community went wild with speculation, fear and uncertainty.
CZ, the CEO of Binance, promptly got on a tweet and blamed the glitch on a Kline ( a tool for tracking charts) display issue.
CZ mentioned that trading remained unaffected and that the raw data via the API was functioning correctly.
It is important to note that despite the uproar on social media, there were no reports of significant liquidations due to this incident (also suggesting that it could have been a Kline issue).
Interestingly though, this is similar to what happened with XRP on Bitrue this year, on April 26 when XRP nosedived from around $0.47 to a mere $0.0001.
Bitcoin's price recovery has brought it into a rebound from the $24,930 zone.
However, Bitcoin is having some trouble staying above the $27,000 zone.
This is happening because of a descending trendline we derived from its $32,000 high in July, and the concurrent lows.
Bitcoin is now showing signs of a reversal from this descending trendline and is trading somewhere around $26,850 at the time of writing.
Bitcoin has tried since July to break through this trendline and has failed every time. However, Bitcoin's recovery truly starts when it breaks out from this descending trendline.
If this happens, we can finally see a Bitcoin retest of $32,000, as well as a chance to finally hit $35,000 for the first time since June 2022.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.