Bitcoin (BTC) staged a slight recovery after hitting a nearly eight-month low of $87,500 on Wednesday. On Thursday, the leading crypto rose back to $90,000. However, market expert Leshka warns that this brief surge could only mark the beginning of a new distribution phase for Bitcoin as selling pressure continues to mount.
Possible bottom between $40,700 and $47,500
In a recent one after on
She suggested that these levels could represent the bottom for Bitcoin during the expected bear market. If such predictions materialize, it could indicate price declines of 47% to 54% from current values.
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Despite these potential lows, Leshka remains optimistic about Bitcoin’s long-term trajectory. She said if these price targets are met, Bitcoin could rebound dramatically new all-time highs of approximately $150,000 in 2027.
However, at the moment the bears seem to have the upper hand in the market. Analyst Ali Martinez recently noted that the TD Sequential indicator, which is designed to signal potential market reversals, has flashed a sell signal for Bitcoin.
Historically, this indicator has been a reliable predictor of price corrections, with past events resulting in declines of 78% and 32%. An average correction based on these previous downturns would indicate a possible price target of $40,000, in line with Leshka’s predictions for Bitcoin.
Analyst predicts temporary rally for Bitcoin
Crypto Feras technical analysis also contributes to this bearish sentiment. He pointed out that Bitcoin has crossed the 50-day moving average (MA50) above $102,000, indicating that a period of reflection is in order.
Feras indicated that the exponential moving averages (EMA89-99) could provide initial support at $88,500, which would typically facilitate a short-term “bearish retest” of the MA50 after a breakdown.
The analyst noted that this potential rally typically lasts two to five weeks and that both Bitcoin and altcoins could behave positively even if investors misinterpret this as a return to a bull market.
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Additional support is quoted at $84,000, which can be retested briefly. Feras suggested that this scenario could represent one last bear trap before more follow long-term declinea historical trend that could repeat itself.
He also addressed the question of when the market might shift back into bull mode. According to Feras, Bitcoin will remain in a bear market as long as it trades below the weekly MA50.
Once Bitcoin reclaims this important moving average, discussions about a potential bull market or continuation of one will begin bull trend could resume. Until that happens, he emphasized that it is premature to label Bitcoin’s current phase as anything but bearish.
Featured image of DALL-E, chart from TradingView.com