Bitcoin traded around $22,400 at the March 3 Wall Street open as analysts remained divided over the odds of a recovery.
Hopes for an inverse “Bart Simpson” on BTC
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading flat after an earlier flash crash saw $1,000 shaved off in minutes.
As Cointelegraph reported, concerns over the fate of Silvergate Bank exacerbated existing market cold feet to spark a margin call cascade to $22,000.
At the time of writing, only a modest comeback had taken place, while opinions diverged as to how short-term price action would play out.
“Locked in some profit here on my short at $23,200 and moved my stop loss into profit so it’s risk free,” a risk-off Crypto Tony told Twitter followers.
“Notice those who were quick to say to long when we hadn’t even reclaimed resistance.”
Fellow trading account Daan Crypto Trades suggested that Bitcoin could see a mirror-like recovery to produce the inverse version of the classic “Bart Simpson” chart structure.
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I know we’re all thinking it. #Bitcoinpic.twitter.com/uNxedPrgDR
— Daan Crypto Trades (@DaanCrypto) March 3, 2023
Popular trader and analyst Pentoshi, meanwhile, took a step back, saying he “did not know” what might lie in store for markets.