The cryptocurrency market has seen a notable recovery in the last two days, where top assets Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) experienced significant price surges. Amid this ongoing price recovery, the recent post by Julio Moreno on X (previously Twitter) has gained massive attention from the crypto community.
Expert says Bitcoin flashing bearish sign
Julio, the head of research at CryptoQuant, shared insights in his post that the bull-bear market cycle indicator is flashing a bearish sign for Bitcoin. Additionally, he added that a similar bearish signal was observed in March 2020 during COVID-19 and in May 2021 following the ban on crypto mining in China.
While retweeting Julio’s post, Ki Young Ju, the founder and CEO of CryptoQuant, shared that Bitcoin is still bullish as long as it is trading above the $45,000 level. Additionally, he also noted that there is a high possibility, that BTC could break its all-time high again this year.
Bitcoin price prediction for August 8
According to expert technical analysis, BTC looks bullish as it has found support and is experiencing an upward move from a downward channel pattern. Since March 2024, BTC has reached this support level four times, and each time it has successfully experienced a significant price surge.
Based on the historical data and price momentum, there is a high chance that BTC could soar to $60,000 in the coming days. However, this level may act as a strong resistance due to the presence of the 200 Exponential Moving Average (EMA) on a daily time frame.
If BTC breaches this 200 EMA level, we could see a massive rally to the $70,000 level. Currently, the technical indicator, the Relative Strength Index (RSI) is there in an overbought zone, which indicates a potential price recovery.
Whales/institutions’ recent purchase
Apart from Bitcoin price prediction, whales and institutions are heavily injecting funds into the crypto market to buy the dip. Recently, Lookonchain an on-chain analytic firm made a post on X, that Cumberland has deposited a significant $95 million USDT into Coinbase, Kraken, and OKX. Additionally, on August 6, 2024, Coinpedia reported that six whales had bought $340 million worth of ETH.