After he reached his $ 124,000 of all time in July, the Bitcoin prize has now returned to a phase of wrestling and consolidation. Although many have called this as a temporary stop, expect the Bitcoin price will continue its increase as soon as the decline is over, Crypto Analyst Excavo has taken a more bearish look. According to the analyst, the current market trend actually points to the end of the bullmarkt and the beginning of the next Berenmarkt.
Why the Bitcoin price will crash
In the analysis, Excavo outlined why they to believe That the Bitcoin hole market was actually over. These were given as the classic signs of a top of the market, and there were three in total. The first of these is what the analyst called ‘Universal Optimism’.
This universal optimism simply points to the fact that Everyone seems to be Bullish At this point, in addition to seemingly bullish developments. Excavo points to the fact that governments are now accepting crypto and creating reserve funds as the reason that universal optimism is a sign of the top.
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The following is that buying companies has been continued, especially for Bitcoin as Bitcoin. Public companies such as strategy have gathered Solid reserves from BitcoinNot omitted with Ethereum treasuries. These treasury companies have now purchased dozens of billions of dollars from Bitcoin and Ethereum.
Last but not least is that positive news about crypto is currently dominating the media. The analyst believes that with so many positive news and investors are reluctant to sell while waiting for higher prices, such as $ 200,000, $ 300,000 and $ 500,000, it is a signal that the Bitcoin price has covered.
The exit strategy
Playing in the idea that the Bitcoin prize went and is on its way to another Bear market, explained the crypto analyst that they sold everything. The plan is to wait until September 2026 before you return. According to the graph of the crypto analysts, they expect the Bitcoin price to fall below $ 61,000 at the moment.
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The analyst also supports this with cycling theory, which says that about 151 weeks of growth has been followed by 51 weeks of decline. As a result, the growth phase has already been completed, and between September 13 and October 6 the Start of the reversal zone That starts the decrease in the Berenmarkt.
Moreover, the Crypto analyst also rejects the idea of an Altcoin season. Due to the large number of cryptocurrencies at the moment, sitting on more than 1 million coins, Excavo says that it is not possible that all coins will be forced at the same time, as it did in 2017. Instead, there will be selective pumps on Altcoins in which players are interested.
“I have not become a bear forever. I believe Bitcoin will hit $ 300,000. But not in the coming months,” said the analyst. “It will be worth that in 2.5 years, after a healthy correction of 50-60% of the peak.”
Featured image of dall.e, graph of tradingview.com