Over the weekend, the Bitcoin price suffered a major crash, moving below $60,000 for the first time in this cycle. In contrast, there has been some recovery, with the price moving above $62,000 on Sunday, as investors moved back into the market. However, this recovery seems to only be a stop-gap for now because, according to one analyst, there is something bad coming Bitcoin’s way and it’s going to happen today.
Is A Black Monday In The Cards?
Analyst WhaleTwits on the X (formerly Twitter) platform has sounded the alarm for what could be a Monday to remember for Bitcoin. This comes after the crash toward $59,000 last week as the market moved into the bearish territory once again, suggesting that the worst is not over.
Related Reading
According to the crypto analyst, something bad is expected to happen to Bitcoin on Monday, which is today. However, this does not seem to be ‘bad’ in the sense that everyone expects. Instead, the crypto analyst is warning investors from panicking during this time.
WhaleTwits explains that large investors and institutions are actually using this time during which investors are panicking to load up on their bags. If this is the case, it means that they are actually expecting the Bitcoin price to bottom soon and start recovering again.
Could Bitcoin Stage A Repeat Of Silver’s Run?
Talking about how high the Bitcoin price could climb, the analyst points out the Silver performance over the last year. Silver had seen an historical 600% run that left the market in awe, despite its large market cap. Pointing to this, the analyst suggests that the Bitcoin rally could be even more notable.
Related Reading
The chart shared with the post suggests that the Bitcoin price will bottom above $50,000. Once this bottom is confirmed, then the crypto analyst expects the pioneer cryptocurrency to see what they refer to as a “Parabolic Mark-Up.”
The upper end of this trend puts the Bitcoin price at almost $500,000 before hitting a top. As for the timeframe, the chart shows that this will play out between 2026 and 2028, giving a 2-year timeframe for Bitcoin to complete what would no doubt be a historical move.
Featured image from Dall.E, chart from TradingView.com
