Bitcoin’s recent price recovery has caught the attention of popular crypto market analyst TXMC, who took to social media to discuss the cryptocurrency’s potential move. According to TXMC, Bitcoin reached its previous high before the halving, a mere 17 months after hitting a low during the FTX slump. This rapid surge is notable, as it deviates from Bitcoin’s historical standards for such significant price movements.
TXMC specifically highlighted 2022 as a unique year for Bitcoin. Unlike previous bear markets, 2022 saw a substantial downturn without a single 50% price bounce. In contrast, the bear market of 2017 witnessed three distinct rallies that exceeded the 50% mark before reaching its lowest point.
Given these historical patterns, TXMC raised the possibility that Bitcoin’s recent recovery may be a “dead cat bounce.” This term refers to a temporary rebound in an asset’s declining price, which ultimately leads to a continuous dip.
Overall, the current price recovery of Bitcoin presents interesting parallels with its historical price movement. It remains to be seen whether this recovery will be sustained or if it is just a temporary bounce.
