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Bitcoin is currently holding steady around $61,000 despite some volatile market conditions. As we approach the weekly close and head into the weekend, the big question is whether more volatility will emerge. On Crypto Banter’s ‘The Sniper Trading Show’The analyst remains optimistic about the long-term prospects for Bitcoin and the broader market.
The big picture: will there be a relapse?
The analyst assures that although it has been a difficult week in which some market gains have been wiped out, the overall trend shows Bitcoin in a bearish pattern. This suggests that we could see another pullback, potentially pushing Bitcoin below $60,000. However, he sees this setback as a great opportunity and expects a “mega rebound” afterward. The focus is on preparing for this pullback and identifying key support zones for Bitcoin and altcoins.
Who buys the dips?
The analyst pointed out that major institutional players, such as BlackRock, continue to buy Bitcoin during price declines. Recently, BlackRock purchased $36 million worth of Bitcoin. This shows that while the market may be in a short-term bearish phase, larger entities are confident about future gains. The analyst believes the fourth quarter could still deliver new record highs despite another hurdle ahead.
What can you expect next?
In the short term, the analyst predicts another market flush before Bitcoin can make its next big move. Interestingly, he believes that while Bitcoin could take a hit, altcoins will either hold their ground or hit higher lows. Bitcoin is expected to capitulate, leading to renewed purchasing power and a strong recovery.
The current situation suggests that without sufficient buying pressure, Bitcoin could fall to lower levels. However, once purchasing power picks up, the market could quickly recover, potentially pushing Bitcoin to $65,000 or higher.