Bitcoin (BTC) has seen significant volatility in recent days. As of August 8, 2024, BTC has been trading around $57,250, recovering slightly from a sharp decline earlier this week. This drop was influenced by broader market sell-offs due to renewed recession fears triggered by weaker-than-expected jobs data in the U.S. Despite this recent pullback, Bitcoin remains up 35.5% year-to-date, following a strong 2023 where it gained 157%.

Experts suggest that BTC could still see a further upside. For instance, technical analysis indicates that Bitcoin could surge by another 22% if it continues to hold above key resistance levels, potentially nearing its all-time high of around $69,000. However, short-term consolidation is expected, and BTC might face challenges breaking past higher resistance points without significant positive catalysts.

Factors such as the upcoming Bitcoin halving event in April 2024 and potential Federal Reserve interest rate cuts may play a crucial role in BTC's future price movement. Histo…