Bitcoin bull Run May Be Ending, Warns Analyst Who Predicted recent Dip
São Paulo – Bitcoin’s price has stabilized around $115,000 following a recovery from last week’s decline, but the continuation of its upward trend hinges on surpassing resistance between $124,000 and $126,000, according to analyst Arthur Driessen of Crypto Investidor.
Driessen points out that Bitcoin has already faced rejection at this price range three times. A successful breakout could propel the cryptocurrency to bullish targets between $149,000 and $164,000.
However, a pessimistic outlook suggests the recent price action may signal the peak of the current cycle, with last Friday’s fall potentially initiating a deeper correction.
Should Bitcoin fall below $84,000 – the previous low in the recent upward movement – a bearish pivot would be confirmed, Driessen highlights. “This structure would project targets in the region of $82,000 to $83,000, representing a downward wave 3 within a larger corrective process.”
This scenario would indicate the start of a new bear market, with potential bottom targets between $50,000 and $60,000.
The analysis comes as traders and analysts remain divided on the market’s future direction, with some anticipating a bear market and others viewing the recent dip as a buying possibility.
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