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After experiencing an upswing, the Bitcoin price seems to be in the final phase of recovery, reaching yearly highs close to $44,500, a 170% increase.
The bitcoin price is poised to rise above $45,000 and the price displays potential to reach new highs above $45,000 before the year ends.
One of the popular analysts, Mags, presents two probable scenarios considering the above charts. The price continues to go higher, shooting up to $48,000, but may experience a deeper retracement back to the range low. Alternatively, the price may have topped out locally at the mid-range and will start heading lower from here until $35,000 before the next leg up.
Whatever scenario plays out, the overall idea is bullish, which means any dips are opportunities for buying, according to the analyst.
By Sahana Vibhute, a passionate cryptocurrency and blockchain author, qualified to cover every event in the crypto space.