Bitcoin Recovery Is Still Holding Strong, Surpassed Nasdaq Stock

Nachi, a crypto analyst and leading trader by PNL on Binance, has delved into the recent price action of Bitcoin after the general market crash witnessed between Sunday and Monday.

Bitcoin, the leading cryptocurrency asset, experienced a major decline on Monday, dropping as low as $49,000 as part of a broader market downturn sparked by a downswing in Japan’s stock market. But following the ‘black Monday’ event, the crypto asset has recovered sharply, outpacing major world assets like the Nasdaq Stock, as highlighted by crypto analyst Nachi.

Bitcoin Recovery Still Holding Strong

Nachi, a crypto analyst and top trader by PNL on Binance, examined Bitcoin’s recent price action in the wake of the general market crash witnessed between Sunday and Monday. Taking to the X (formerly Twitter) platform, the analyst began by noting BTC’s resilience, especially over the last 3 days.

According to the expert, there has been a strong reaction in BTC’s price from the bottom in the previous 3 days. Consequently, the crypto asset has returned to the previous resistance level between $59,000 and $61,000, which is holding strong.

Highlighting this recent resilience and sharp rebound, Nachi argues that Bitcoin is already outpacing Nasdaq Stock, which is struggling to regain its previous crash momentum and now heading for a fourth retest at the long-term trendline.

Nachi attributes the notable reaction in Bitcoin to recent positive news on the Jobless Claim and the authorization of cryptocurrency mining in Russia by the country’s president Vladimir Putin. In light of these developments, Nachi argues that supply and demand are out of balance and investors are under-positioned for longs.

While most investors are still anticipating a retest of lower lows, with funding rates still in the distress zone and shorts between $59,000 and $61,000, Nachi maintains that the path of most difficulty is for Bitcoin to continue rising.

However, the expert believes that if Bitcoin manages to close the week above the $60,000 level, it will be heading for a massive rally, while identifying an imminent V-shaped reversal for the crypto asset.

$94,302 BTC Price Target Remains Valid

Cryptocurrency analyst and trader CryptoCon also examined Bitcoin’s current price rebound in anticipation of a new all-time high using the Magic Bands indicator.

According to the expert, Bitcoin has bounced once again from Level 2 of the Magic Bands at the $55,444 price level, after the price briefly retested the intra-band below Level 2 during the decline to $49,000. This suggests that the level 3 of the magic bands at the $94,302 mark remains unchanged.

He noted that the cycle top band, which currently stands at the $128,062 price level, will move up further as BTC makes new all-time highs. “This is the 5th time this cycle that popular calls for a recession have brought a strong bounce back, strange how that works.”

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