BitcoinBTCBTC was trading 4.5% lower than the high of $74,000 reached on Thursday. However, traders disagreed as to whether the level marked the highest price for BTC in the country.
Takeaways from the conference:
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Bitcoin charts are still showing similarities with the bear cycle of 2022. This suggests that another decline below $60.000 is possible.
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Others say the bottom is in and expect a breakout rally to $75,000–$80,000 to be next.
Does the price cycle of 2022 BTC repeat itself?
BTC’s current structure is similar to the bear cycle in the middle, after it recovered from the $60,000 low.
Bitcoin’s latest rise to $74,000 It was 149 days since its bull market peak of $126,000 The year 2025 is October.
Related: Bitcoin ‘anomalous’ outflow sees 32K BTC leave exchanges in a single day
“$BTC made a local high around 140–150 days after its all-time high in the previous two cycles before pushing lower,” said Bitcoin Hyper, an analyst in a post by X on Thursday.
Bitcoin Isaiah, a trader who goes by the pseudonym Bitcoin Isaiah has also called this rally $74,000. “perfect local top indicator,” Pointing to the premature celebrations of bulls is a warning for more dumping.
The Analyst referred The 2022 cycle was a similar period of euphoria, which preceded the 68% drop from $48.200 to $15.500, suggesting that this could happen again. revisit to sub-$60,000 levels.
Master of Cryptography said This brief rise above $70,00 was a trap of liquidity, wiping both longs and shorts out before targeting the lower zones, between $62,000 to $65,000, which is where most ask orders are.
“The price usually goes where the bigger money sits.”
The following are some of the ways to get in touch with us. Cointelegraph reportedThis week, after the recent rally up to $74,000, there were signs that things might be changing. bearish chart pattern The following are some examples of how to get started: major overhead resistance.
Bitcoin relief rally: Is it over?
Bulls argue, however, that $60,000 was the likely market bottomThis marks a shift in the structure of the organization.
Bitcoin Munger is a good example of a crypto analyst. said The 2022 Bitcoin Bear fractal is not the same as the one that was released in 2017. “reason to be bearish” This cycle is unique.
The chart shows that the prices of the 2022 Drawdown were lower than the current price. “cut through” The current only retested trend line after the 200-week exponentially moving average.
Analyst Mister Crypto said that the BTC/USD is expected to break out of an ascending triangular pattern with the hope of seeing a breakout. “strong move to the upside,” The upper trendline is at $70,000 holds as support.
There are also differences between the cycle 2022 and other cycles. strong institutional ETF inflows Bitcoin could avoid a crash due to a tightening of supply. set it up for a rally to $75,000-$80,000.
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Source: cointelegraph.com
