The Bitcoin market could be poised for a rebound as a notable market analyst predicts an impending surge to a new all-time high.
Bitcoin’s recent downtrend may be short-lived, as analyst Mikybull has indicated an underlying market surge. According to him, Bitcoin may rally to a new all-time high above the $80,000 mark, placing bulls in full command of the market.
The largest crypto asset has seen a notable 3% rally in the past 24 hours and a 7.5% recovery from the $52,859 low seen on September 6. However, Mikybull Crypto has tipped it to continue this uptrend, citing a bullish pattern its higher time frame.
Per a Tuesday tweet, Mikybull Crypto posted a 2-day BTC/USDT pair chart showing a head-and-shoulder reverse pattern. The analyst’s chart showed that Bitcoin might be headed for $83,000, a new all-time high, if it continues on its current path.
Bitcoin Reverse Head and Shoulder Pattern
Market Recovery?
Mikybull Crypto’s Tuesday analysis correlates with his earlier assertion of an impending breakout from a bullish diamond formation seen on Bitcoin’s 8H time frame yesterday. The rally from the bullish pattern would see Bitcoin hit $83,387, a similar price target to his predictions today.
Bitcoin Diamond Formation
An upsurge to $83,000 would break veteran trader Peter Brandt’s $73,300 price target for a flip in market sentiment. According to an earlier report from The Crypto Basic, Brandt stated that Bitcoin needs to break its previous all-time high to notify his megaphone pattern and set the bull run back on track.
Notably, Bitcoin’s price seems to follow analyst Michael Van De Poppe’s predictions. He speculated the dump to $54,300 and a rebound to $57,3000, precisely what Bitcoin has done in the past few days. The veteran, however, warned that a rejection from the resistance at the $57,300 level would see Bitcoin test lower prices.
Bitcoin was rejected at $58,041 earlier on Tuesday but continued to trade above $57,000 at the time of writing. BTC traded at $57,041, with a 45.8% surge in its trading volume in the past 24 hours. Most of its volume was from centralized exchanges, as about $33.76 billion in Bitcoin was traded on CEX and a mere $100 million on DEX.
