Bitcoin rebounds to $57,000, a bull market is expected

Bitcoin has rebounded to $57,000 after falling below $54,000, with analysts predicting that the bull market could reach $123,000. This recovery comes after a difficult period for Bitcoin bulls as the asset's price briefly fell below $54,000 for the first time in five months. Nevertheless, the cryptocurrency successfully regained some lost ground over the weekend and is currently trading at around $57,000 with a weekly decline of 9%.

Several industry insiders believe another bull run is on its way. An analyst named BATMAN stated that Bitcoin's price chart is forming "a huge cup and handle pattern". If this pattern develops as expected, Bitcoin's target price could reach $123,000 indicating significant upside potential from current levels. The "cup and handle" is a technical chart pattern often used to identify potential bullish moments in various markets including cryptocurrencies. The "cup" represents a consolidation period or round bottom followed by the "handle", usually a downward sloping channel. Some traders believe that this pattern may signal an excellent buying opportunity.

Another analyst Mikybull Crypto also holds an optimistic view stating that Bitcoin tends to surprise people when everything seems to be over." He compared current prices with those of 2019 and predicted they would rise to $100,000 before end of 2024.

Two key indicators suggest bitcoin might go up in short term: net flow from exchanges which has been mostly negative over past month; transition from centralized platforms towards self-custody seen as positive because it reduces immediate selling pressure; relative strength index (RSI) used to check if assets are oversold or overbought - RSI currently set at 48 having remained under level of 70 since beginning of month suggesting possible correction.