Cryptocurrency analyst Captain Vibeke announced that The price of Bitcoin is still largely bearish Although recovery. This comes after a shift in market sentiment as Bitcoin price started to rise last week and eventually reached the $70,000 resistance level, turning it into support again. Although a lot of Bitcoin investors have turned bullish on the matter, one cryptocurrency analyst remains unconvinced, believing that the current uptrend is actually temporary.
Why Bitcoin price is still bearish despite reaching $73,000
Last week, the price of Bitcoin rose dramatically, rising more than 5% and reaching $73,000 before encountering resistance. This naturally led to more Positive feelings After weeks of negative sentiment, bringing a much-needed rebound to investors who had suffered significant losses.
However, Captain Vibeke does not do this He believes This calls for celebration and instead chooses a very conservative position. As for the current uptrend, the cryptocurrency analyst believes it could eventually continue, placing a potential peak between $77,000 and $78,000 due to the liquidity there.
Other than this liquidity grab, there seems to be nothing else to indicate that Bitcoin’s price has turned bullish. Even after rising for liquidity, the next trend is expected to be down, which could lead to a possible 20% correction in this regard. This correction, as the analyst explains, is possible It causes the price to fall In the $54,000-$56,000 area.
If this trend materializes and pushes the price this low, it could mean a new low cycle for the digital asset. This will erase Support current sessionWhich is still $60,000. However, a cryptocurrency analyst points to this as a potential play, saying that… In fact the bears are still in control From the price of Bitcoin.
Despite being bearish on Bitcoin, the cryptocurrency analyst remains bullish on the altcoin market. He explains that although most of his funds are settled, a large portion (30%) is currently in the altcoin market, which the analyst expects to be the case. More bullish than Bitcoin From here. According to the analyst, investors need to be patient and wait for confirmation first before making any move.
Featured image from Dall.E, chart from TradingView.com
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