Bitcoin ‘V-Shape’ Recovery Opens Way for $76K Price Target: Swissblock

Bitcoin’s

(BTC)
record-setting
move
above
$69,000
quickly
turned
into
a
bloodbath
on
Tuesday,
but
its
rapid
recovery
to
$67,000
one
day
later
may
foreshadow
another
imminent
run
for
new
all-time
highs,
according
to
crypto
analytics
firm
Swissblock.

Swissblock
analysts
noted
that
with
yesterday’s
plunge,
bitcoin
successfully
retested
the
$59,000-$62,000
price
area,
where
it
recently
consolidated
for
a
week
before
marching
on
to
the
all-time
high.

“V-recovery
–
and
onwards
towards
new
all-time
highs,”
Swissblock
said
in
a
Wednesday
Telegram
update.

According
to
a
chart
shared
by
Swissblock,
bitcoin’s
quick
break
back
above
the
$62,000
level
marked
the
start
of
a
fresh
uptrend
targeting
the
$76,000
price
level.

Singapore-based
digital
asset
trading
firm
QCP
Capital
also
forecasted
an
imminent
leg
higher
for
bitcoin.

“The
bounce
has
been
extremely
impressive,”
QCP
analysts
wrote
in
a
Wednesday
market
update.
“The
dip
was
bought
up
very
quickly
and
aggressively,
and
$60,000
proved
to
be
a
good
support
level.”
“With
some
of
the
leverage
taken
out,
the
path
higher
has
now
opened
up
and
we
look
to
a
near-term
break
higher
as
the
uptrend
resumes
immediately,”
QCP
added.

U.S.-listed
spot
bitcoin
ETFs

attracted
massive
inflows
during
Tuesday’s
drop,
indicating
that
ETF
investors
were
unfazed
by
the
plunge
and
bought
the
dip.

The
ten
new
ETFs
combined
saw
$648
million
in
net
inflows,
the
largest
daily
allocation
since
their
debut
day
in
Jan.
11,

data
compiled
by
BitMEX
Research
shows.
The
BlackRock
iShares
Bitcoin
ETF
(IBIT)
broke
its
daily
record,
enjoying
$788
million
of
fresh
investment
and
adding
12,600
BTC
to
the
fund.

At
press
time,
BTC
was
trading
at
$67,200,
up
over
7%
over
the
past
24
hours
and
outperforming
the
broad-market
CoinDesk
20
Index’s
(CD20)
2.5%
advance
during
the
same
period.