Editor's PiCK
[Analysis] "Bitcoin rebounds during every oil price surge... Could climb up to $119,000"
Suehyeon Lee
Summary
- It was noted that "Bitcoin" has shown a pattern of rebounding after corrections during each period of surging oil prices.
- Recently, oil prices have reached a five-month high again, and "Bitcoin" is trading around $102,800.
- Based on past cases, this could be seen as a buying opportunity, and there is potential for a rebound up to $119,200 before the 21st.
Bitcoin (BTC) has repeatedly rebounded after corrections during every oil price surge, and analysts suggest this could be another buying opportunity.
On the 14th (local time), Cointelegraph analyzed, "Over the past year, Bitcoin experienced three sharp drops at times when oil prices surged, but rebounded by about 16–24% within eight days after each decline."
The publication further noted, "Currently, oil prices have risen to the highest level in five months, and Bitcoin is trading near $102,800. If past patterns are any indication, this may present another buying opportunity, and there is potential for a rebound to $119,200 before the 21st."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
