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Bitcoin Retraces Back to $79,000 Confirming Hidden Bullish Divergence Pattern, Can it Reclaim $80,000 Prices?
The Bitcoin price has made a stunning comeback, retreating back to the $79,000 mark while confirming a hidden bullish divergence pattern. This sudden reversal raises hopes that the cryptocurrency may be poised to reclaim its previous highs above $80,000.
After plummeting from $83,000 to $75,000 earlier this week, the Bitcoin price has begun to recover rapidly, indicating a significant shift in market sentiment. According to prominent analysts, the sudden upswing is not a surprise, considering the cryptocurrency’s recent behavior on its price chart.
The analysis reveals that Bitcoin has confirmed hidden bullish divergence patterns on multiple timeframes, giving rise to an overwhelmingly optimistic outlook for the asset. This comes as no surprise, considering the increasing interest in decentralized finance (DeFi) and institutional investment into the cryptocurrency space.
Industry experts have also begun to take note of the sudden recovery, pointing out the stark contrast between the current market conditions and those seen during the 2018/2019 bearish cycle. However, one major question still remains unanswered: can Bitcoin reclaim its previous highs above $80,000?
While the confirmation of hidden bullish divergence patterns is undeniably a strong indication that the cryptocurrency’s downward trend may be reversing, it seems unlikely to witness such an immediate and drastic increase in price without additional market support.
Source: https://cryptonewsland.com/idden-bullish-divergence-pattern/
