Bitcoin Surpasses the Nasdaq After the Terrible Black Monday!
The world of crypto experienced a real shock a few days ago. Bitcoin, the flagship of the sector, suffered a dizzying drop during the now infamously known “Black Monday”. However, against all odds, the leading crypto quickly rebounded, even surprising the most seasoned analysts.
Black Monday and its Consequences on the Crypto Market
Black Monday of 2024 caused a collapse of financial markets, bringing Bitcoin down to $49,000 following the crash of the Japanese stock market. However, Bitcoin quickly rebounded, almost reaching $60,000 in the following days. This resilience surprised analysts, including Nachi de PNL on Binance.
Unlike other financial assets like the Nasdaq which is in free fall, Bitcoin has shown impressive performance, drawing attention to its ability to recover quickly despite a tough economic context.
Future Prospects for Bitcoin
Bitcoin’s spectacular rebound was supported by positive news on unemployment benefits and the authorization of crypto mining in Russia. An analyst notes that despite distressed funding rates and short positions between $59,000 and $61,000, investors are awaiting a retest of the lows. However, these elements suggest that Bitcoin’s climb could be the most difficult path.
A well-known expert used the Magic Bands indicators to analyze Bitcoin, noting a rebound at level 2 to $55,444. He forecasts a continuation of the rise, with a price target of $94,302, corresponding to level 3 of the magic bands.
Once again, Bitcoin has demonstrated its ability to rebound in the face of adversity. Its performance post-Black Monday surpasses that of traditional assets like the Nasdaq. This resilience reinforces investors’ confidence in the long-term potential of cryptocurrencies. As the crypto market continues to evolve, Bitcoin seems well-positioned to reach new heights.
Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
Le monde évolue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m'intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l'optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.