Bitcoin broke below $80k with a 24-hour low at $76,600. The short-term recovery reclaims $80k, but will the growing fear lead to a crash under $70k?
Bitcoin has witnessed a 24-hour pullback of 2.76%. The trading range of the past 24 hours in BTC extends from a low of $76,600 to a 24-hour high at $83,955. This highlights massive volatility in the BTC price trend over the past 24 hours.
Currently, the intraday recovery in BTC keeps its price at $80,196. With Bitcoin marking five consecutive bearish candles in the daily chart, is it likely to hit the sub-$70K levels? Let’s find out.
Santiment Suggests Quick Bounce Back in Bitcoin
However, a post by Santiment revealed that the crowd fearing a chance of a pullback below $70,000 has historically seen quick bullish bouncebacks. On February 27, the high mentions of $69K BTC price or below saw a quick bounce back.
Similarly, this pattern was repeated on March 4 and March 9. On March 10, the rise of the social volume of Bitcoin crossing below $70k signals a high possibility of a temporary bounce.
Analyst Thinks It’s Just A Retest, Targets $300k
With strong optimism, technical analyst Gert van Lagen suggests that Bitcoin is simply undergoing a retest before a potential rebound. According to van Lagen, Bitcoin is currently retesting the broken neckline of an inverted head-and-shoulder pattern that has developed over a four-year period. This pattern targets a price of $300,000.
Supporting his technical analysis, the analyst notes that Bitcoin’s price trend is following a parabolic, step-like formation, which reinforces the potential for continued upward movement.
