Crypto analyst Crypflow has explained what the Bitcoin relief rally above $71,000 means for the leading crypto and hinted that BTC could fall even lower. This was because the analyst alluded to the previous bear markets and how recent rallies mirror the price action in previous cycles.
Analyst Warns Relief Rallies Weakening Amid Bitcoin’s Rally Above $71,000
In one X messageCrypflow stated that the Bitcoin relief rallies are weakening and every bear market has them. He noted that during the 2014 bear market, BTC saw a relief rally of up to 100%, while in 2018 it saw a rally of between 50% and 90%. These relief gatherings weakened over the course of 2022 bear market, while Bitcoin had a relief rally of just 45%.
Related reading
The Bitcoin help rallies in this cycle have weakened again, with the biggest rally yet of 26%. Crypflow noted that these relief rallies lose momentum every cycle, but that doesn’t mean BTC can’t move higher in the short term. However, he warned that significant resistance still exists, suggesting the leading cryptocurrency could fall further before finding a bottom.
Bitcoin recently rose above $73,000 Peace talks between the US and Iran took place over the weekend. However, the leading cryptocurrency has since fallen to around $71,000 as US-Iran peace talks collapsed. Trump has also announced this that the US will impose a blockade in the Strait of Hormuz after the failed peace talks.
Meanwhile, crypto analyst Benjamin Cowen stated in a X message that Bitcoin will most likely remain in a bear market despite short-term rallies to the contrary. He added that the hardest part of the medium-term years is not believing in every rally.
A big downside in the coming weeks
Crypto analyst Doctor Profit stated that he expects a major downward move in the coming weeks and that this will not last much longer as the move is very close. The analyst added that he also expects a major trap for bulls, which market makers will take advantage of Pushing Bitcoin Lower in the $50,000 range and even further beyond.
Related reading
Doctor Profit stated this Bitcoin has not yet bottomed out and that the only question is how high the relief will be before the downtrend continues. He stated that the chances of recovery to $76,000 before rejection are extremely high. Meanwhile, the chances of a rally are between $79,000 and $84,000 on average. The analyst also predicted a massive crash for the S&P 500 within the next two months.
At the time of writing, the Bitcoin price is trading around $71,000, down in the past 24 hours. facts from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com