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Bitcoin continues to experience significant gloomy price movement, fueling a broader negative sentiment in the entire cryptocurrency market, which has led to heightened uncertainties among investors and traders. Despite this pessimistic movement in the past few days, popular cryptocurrency analyst and trader Javon Marks investigating Bitcoin’s price action has predicted an impending much greater bull reversal, leading to a new all-time high before 2024 closes.
Bitcoin Gearing Up For A Massive Bull Rebound
Javon Mark’s prognosis emphasizes the crypto asset’s recent break out from a falling wedge pattern potentially signaling the conclusion of the current bearish phase and paving the way for a substantial upward momentum.
Market analysts have been keeping a careful eye on the Falling Wedge formation, which is generally regarded as a bullish indicator. According to the crypto expert, Bitcoin has now broken out of the falling wedge formation with some noteworthy volume.
As a result, Javon Marks believes a much bigger bull reversal is about to begin, underscoring the strength of the breakout. At this point, Javon Marks noted that a reversal back to $70,000+ may already be in play and the magnitude of this move might result in new all-time highs for BTC in the year.
The post read:
Bitcoin (BTC) breaks out of the Falling Wedge pattern with some note-worthy Volume and this may be the start of a much greater Bull Reversal. A recovery back to $70,000+ may be in its early stages here and the extent of this reversal may lead to new 2024 Highs.
It is worth noting that the analyst initially made the bold prediction when he first cited the falling wedge pattern in BTC’s chart. During the time, Javon Marks highlighted that the digital asset seems to be forming a falling wedge pattern, which may be a sign of a bull reversal.
This formation paired with a bullish pattern that has already been validated, he predicted an upward breakout may be on the horizon. “A new dawn in this bull cycle may be nearing for Bitcoin,” he added.
Growing Fear And Disinterest In BTC
Javon Marks’s bullish forecast comes against a backdrop of fluctuating prices, conflicting market sentiment, and growing fear from investors. Presently, BTC has fallen below the $65,000 price level, all the way down to $63,700, indicating an over 3% decline in the past day.
Experts attribute BTC’s recent decline to several developments such as an extended FUD from traders. Onchain analystic firm, Santiment has reported a rise in investors’ fear and disinterest toward BTC. According to Santiment, since the price of Bitcoin ranges from $65,000 to $66,000, the majority of the investors are either afraid of it or do not care.
The platform stated that this prolonged degree of FUD is unusual, as traders are still giving in. However, Santiment claims in the presence of whale accumulated combined with BTC fatigue, the lengthy FUD can come to an end, leading to bounces that pay off for the patient.
Featured image from iStock, chart from Tradingview.com
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