Bitcoin’s recent price recovery has caught the attention of popular crypto market analyst TXMC, who took to social media to discuss its potential moves. According to TXMC, BTC quickly reached its previous high before the halving, only 17 months after hitting a low during the FTX slump. This rapid recovery is impressive considering Bitcoin’s historical standards for such significant movements.
TXMC also noted that 2022 marked a distinctive phase for Bitcoin. Unlike previous bear markets, this year saw a substantial downturn without a single 50% price bounce. In contrast, the bear market of 2017 experienced three distinct rallies that exceeded the 50% mark before hitting rock bottom.
These historical trends raise questions about the recent surge in Bitcoin’s price. TXMC suggests that this recovery event may be a “dead cat bounce,” where a short-term price recovery is followed by a continuous decline.
Overall, Bitcoin’s price movement continues to surprise analysts and investors alike, with its recent recovery mirroring historical patterns while also deviating from them in certain aspects.