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Bitcoin (BTC) price dropped to $58,402 in the last 24 hours before rising above $62,000 again. Analysts are assessing whether the latest BTC surge is a real turnaround. Altcoins increased by around 8% along with the BTC price rise. So, what will happen now? Will this recovery continue after the recent rise in cryptocurrencies?
Bitcoin (BTC)
Bitcoin price hit its lowest level in six weeks on June 24. After the losses in the last 24 hours, the rebound in BTC price confirmed buyer interest at the $60,000 support. Crypto analyst Jelle is pleased that lower levels attract investors. He said:
“If Bitcoin can lock in a higher low on a lower time frame today, we could return to $63,500 before the week ends. Closing above this level will be positive for altcoins.”
Jelle also mentions seeing oversold signals after the BTC price fell to $58,400. According to him, a similar structure formed when BTC fell to around $26,000 in August 2023. After that mid-year decline supported by Elon Musk, BTC hit a new all-time high in November.
Will the Cryptocurrency Rise Continue?
If August 2023 repeats, BTC price is expected to embark on a new ATH journey. Although the 2024 cycle and 2023 conditions are different, many favorable developments motivate investors for the year-end. The potential continuation of the decline in inflation, new investors expected with ETH ETF entries, and interest rate cuts with the November elections are encouraging.
Jelle also highlights the daily RSI for Bitcoin, discussing the details of the oversold environment.
“Bitcoin’s daily RSI value hasn’t been this low for about a year. In fact, we last saw oversold conditions when BTC was trading at $26,000. Summer shake-up?”
Rich Dad, Poor Dad author Kiyosaki said:
“Bitcoin is crashing. Most people should sell. I’m waiting to buy more. If crashes scare you, sell and stick to your job, which is what most ‘employees’ should do.”
