Bitcoin’s recent price recovery has caught the attention of popular crypto market analyst TXMC, who took to social media to discuss the current status of the leading cryptocurrency. According to TXMC, Bitcoin quickly surged to reach its previous high before the halving, just 17 months after experiencing a significant low during the FTX slump. This swift recovery is notable when compared to Bitcoin’s historical price movement.
TXMC highlighted 2022 as a distinctive 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 surpassed the 50% mark before reaching its lowest point.
Considering the historical data on bear markets, the recent price surge in Bitcoin raises questions about whether it could be a “dead cat bounce.” This term refers to a short-term recovery in an asset’s declining price, which is followed by a continuous dip.
Overall, Bitcoin’s price movement continues to surprise and intrigue analysts, and the current recovery event has sparked speculation about its future trajectory.