A widely followed crypto strategist believes that Bitcoin (BTC) is repeating its early 2020 recovery when it crashed by over 50% in one week before rallying to new highs.

Pseudonymous analyst The Crypto Dog tells his 811,100 followers on the social media platform X that there’s a good chance Bitcoin is on the verge of a fresh bull rally after bouncing from its recent low of $48,000 earlier this month.

“Started to consider a very optimistic outlook on the market from here, likening this wipeout from $70,000-$50,000 to the Covid crash [of] March 2020.

Time will tell, open to other scenarios, but this could be the very beginning of the actual bull run.”

About four years ago, Bitcoin plunged from $8,000 to around $3,700 in just seven days as people panicked amid the emergence of the global pandemic. But after the collapse, Bitcoin rallied to fresh highs in a matter of months.

According to The Crypto Dog, Bitcoin looks strong as long as it holds support at $58,800.

“I think BTC is still turbo bullish if the lows hold.”

Source: The Crypto Dog/X

At time of writing, Bitcoin is trading for $59,400.

On top of Bitcoin, the analyst says he is monitoring two decentralized finance (DeFi) altcoins.

“BTC made a higher low and now wants back to the highs.

CRV bullish close to breaking out near month-long consolidation.

AAVE under trendline resistance, a break sends back to highs, may not be ready though it had a big run.”

At time of writing, CRV is trading for $0.324, up nearly 6% on the day, while AAVE is worth $132.29.

Generated Image: Midjourney