"Bitcoin (BTC) Consolidating Near $80,000... Will It Rebound?"

Minseung Kang

Summary

It was reported that Bitcoin is consolidating near $80,000, increasing the likelihood of a rebound.
Following the Nasdaq plunge, there is a possibility of a Bitcoin rebound, attracting investors' attention.
However, it was added that caution is needed as there is a possibility of further decline in the Nasdaq.

Bitcoin (BTC) is reportedly consolidating near $80,000, seeking a potential rebound.

On the 11th, cryptocurrency-focused media Cointelegraph reported, "Technical analysis suggests that Bitcoin may already be forming a bottom," adding, "The likelihood of a Bitcoin rebound has increased following the recent Nasdaq plunge."

John Bollinger, the creator of the Bollinger Bands, analyzed on X (formerly Twitter), "Bitcoin is forming a double bottom pattern," but noted, "The pattern is not yet confirmed." Bollinger Bands are indicators based on probability and statistics that can be useful for timing stock trades.

Timothy Peterson, a network economist, stated, "Bitcoin is at the top of the risk asset pyramid, so it fell before the Nasdaq," adding, "The rebound is likely to be led by the stock market first, followed by Bitcoin." He also noted, "However, it should be noted that the Nasdaq could fall an additional 10%."

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