Cycle – Bitcoin (BTC) didn’t show strong signs of a potential $30,000-plus win back this week. Traders and analysts are generally issuing forecasts that are far from favorable to bulls in the short and medium terms.
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Bitcoin below $29,000: the risk of $26,000 without this breakout
Bitcoin price drops to around $28,265 on Bitfinex today, May 27, 2022. It fails to regain $29,000. Bitcoin trades at $28,852 at the time of writing this article. It is currently recording a daily loss of 1.79%.
Trader Michaël van de Poppe pointed to the fact that Bitcoin rebounded again using the $28,160-$28,640 area as primary support. He believes that ” by breaking the 29.3K$ bitcoin could hit $32,800 before accelerating upside.
This breakout has not yet taken place. While waiting for a possible bullish recovery, Michaël van de Poppe indicates that Bitcoin must remain above the support zone mentioned above. Otherwise, ” we’ll get closer to $26,000because then we will begin to cascade down to the south”.
Bitcoin post-halving: the sustainable return of the bulls for 2023
Prospects on a longer timescale also remain bearish. CryptoQuant analyst Kripto Mevsimi uses the percentage of Bitcoin supply in profit to draw a bearish pattern.
55% of the current supply would be in profit. Referring to historical data, Kripto Mevsimi indicates that it would take even more capitulation to guarantee reaching a macro bottom by bitcoin.
The analyst expects a consolidation period of around 2 to 3 months, before “ an additional price reduction of 30 to 50% “.
Decentrader founder filbfilb also seems to share this analysis. Bitcoin has yet to reach its macro floor price.
Filbfilb indicates that more than 747 days have passed since the last Bitcoin halving. However, Bitcoin “reached its lowest level on the 779th day” in 2013, and “on the 891st day” in 2018.
The current structure would be between that of 2013 and 2018. In other words, the long-awaited final low would not yet be reached.
Filbfilb adds that the cycle starts again after the 1000th post-halving day, “so around February 2023”. Will we have to wait until February 2023 to hope see a new Bitcoin bull rally ?
What will be the bottom of this cycle for Bitcoin? Markets are desperate to know the bears’ agenda in order to get an idea of the scenario of the latest fall for Bitcoin.
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