Bitcoin has seen “nice momentum these last few days,” said Mati Greenspan, a former senior eToro market analyst, and founder at Quantum Economics.
“This is generally what bottoms look like,” Greenspan said. “They begin with a short squeeze, a giant green candle, start breaking above technical levels, and suddenly everyone with limit orders waiting for BTC to drop to $40,000 are now rethinking their strategy, telling themselves: “I better get on board before I miss the boat.”
When asked if he believes there is still the possibility for another drawdown, Greenspan said, “I mean, it's possible, but I wouldn't count on it. It's times like these when FOMO tends to go into overdrive.”
Jason Fernandes, a market analyst and co-founder at AdLunam, did not agree, warning against getting too excited. “I'd be cautious about calling this the end of the bear market, though, without sustained spot ETF inflows and clear macroeconomic rate easing, my concern is that BTC could run out of steam at overhead resistance.” Bitcoin rose to $79,200 on Friday morning before pulling back to $77,500.
