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The Bitcoin price is currently falling more than -22% compared to its all time, with a series of lower highlights on the daily period. While the weekly and monthly time bullish, the calls before the start of the Bitcoin Bear market are louder on X. Two prominent analysts have weighed what they believe that the decisive factor could be for an extensive rally – or a deeper decline.
Bitcoin Bull Run in Jeopardy
Crypto Analyst Charting Guy, Post under the handle @chartguy, shared A graph that puts a strong emphasis on the price of $ 95,000 for Bitcoin, and notes: “Yes, I will turn back to fully bullish […] To make that happen, BTC must reclaim and retain $ 95k, which he has often explained […] It is the level that the majority of February was previous support, after which we rejected it hard on 2 March and changed it into resistance […] Now, with $ 76.7k on 11 March as the very likely local low point, we draw a FIB and $ 95k just comes to be perfect the 0.618 FIB. You can’t make up for this. “
According to his analysis, the 0.618 Fibonacci retracement – often called the “golden pocket” – is large as a definitive test of bullish power. If you are unable to break up and convert this zone into the support, the mapping of Guy -warnings can lead to an extensive bearish phase.
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He further explained that Bitcoin (BTC) and shares, such as the S&P 500 (Spy), should navigate with their respective golden bags before a real, persistent rally can start: “If crypto and shares cannot reclaim the golden bag and support them, and instead I am aimed at BTC & shares for a while.”
Nevertheless, Charting Guy sees potential for a bull run in April to June: “April – June Bullish will be finished imo […] But that expansion until June is only if May is strong and not a sale in May and the type of month leaves […] What will that determine? How BTC & Spy both respond to their respective golden bags when they get this April -reliafally. “
If these technical barriers turn out to be insurmountable, it is mapping of Guy that he will leave his positions: “If this is purely a reliever and the graphs look Toppy again when we are back at the end of April/beginning of May, then I will be outside this market.”
Another crypto analyst, @wauwda, has taken a more careful attitudeMake a note of various BEARISH signals for both Bitcoin and the S&P 500: “Every indicator is bearish on the HTF for BTC & SPX: Beerarish Stochany RSI Cross, Beterarh Macd Cross, Beerarish Divergence RSI, MSTR LOWER High, Altcoins High High Trap.”
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While Wauwda anticipates the potential for a racing for a rigging due to extremely bearish sentiment, he sets up parallels with 2021. He lists a series of events that he regards, indicative of market-wide euphoria, including high-quality hype.
“” We didn’t have euphoria yet “… Did you know for sure? Founder Tron Banana for $ 6.2 million and eats it, Coinbase eats free bitcoin to every person at the Warriors, game, Department of Government Efficiency (Doge), Teens get crypto courses on school, people are bending. ‘
Despite the fact that the euphoria of this cycle may look different from the previous, Wauwda notes that similar warning signals for the 2021 market appeared. He also points to ETH/BTC and Bitcoin Dominance (BTCD) as factors to look at, although both volatile, oscillating patterns have shown instead of a clear trend: “The thing I am now struggling with is ETTC and BTCD because they have both been up and down, but maybe that will change with the next leg.”
At the time of the press, BTC traded at $ 84,206.
Featured image made with dall.e, graph of tradingview.com
