Bitcoin 'V-Shape' Recovery Opens Way for $76K Price Target: Swissblock
U.S.-listed spot bitcoin ETFs saw massive inflows during the plunge, indicating that investors bought the dip helping prices recover.
Bitcoin's (BTC) record-setting move above $69,000 quickly turned into a bloodbath on Tuesday, but its rapid recovery to $67,000 one day later may foreshadow another imminent run for new all-time highs, according to crypto analytics firm Swissblock.
Swissblock analysts noted that with yesterday's plunge, bitcoin successfully retested the $59,000-$62,000 price area, where it recently consolidated for a week before marching on to the all-time high.
"V-recovery – and onwards towards new all-time highs," Swissblock said in a Wednesday Telegram update.
According to a chart shared by Swissblock, bitcoin's quick break back above the $62,000 level marked the start of a fresh uptrend targeting the $76,000 price level.
Singapore-based digital asset trading firm QCP Capital also forecasted an imminent leg higher for bitcoin.
