Brett, the cryptocurrency analyst who predicted the highest Bitcoin price in October, has revealed his new predictions for the major cryptocurrencies. This comes as BTC is struggling to hold on Above $100,000, raising concerns that the bull market is over.
Analyst reveals what’s next for Bitcoin price
in Share XBrett mentioned that if Bitcoin price starts to close the weekly candle below the 50-watt moving average, the odds of this being the highest will increase. Notably, it was the analyst who previously predicted that BTC would reach its peak in October, which appears to be the case. The main cryptocurrency has risen to a new high All time high (ATH) From $126,000 last month and since then it has been declining.
Brett noted that if the four-year cycle continues to influence Bitcoin’s price, between $55,000 and $75,000 would be a good buy zone. This represents a decline of between 40 and 55% from the highs. The analyst also believed that the market is unlikely to witness a… Long bear market Because of diminishing returns.
However, the analyst admitted that there is also a possibility that the price of Bitcoin could fall. Whatever happens, Brett said he is optimistic in the long term but chooses to respect the upside A four-year course short term.
Cryptographic analyzer Presented by Michael van de Poppe There is a different opinion, according to which the four-year cycle is dead. He emphasized that the cryptocurrency market is not in a bear market but is simply in the middle of a regular Bitcoin price correction in a longer bull cycle. Experts like Bitwise CIO is dead It also previously announced that the four-year cycle has ended, and BTC’s upward trend is expected to extend into next year.
You need to hold more than $100,000 in BTC
Cryptographic analyzer Titan encryption He noted that Bitcoin price needs to stay above $100,000 to avoid losing its bullish structure. in Share XHe noted that BTC has touched the monthly Tenkan line at around $101,000 and that this line should hold for the bull market to remain intact. If a crash occurs, the flagship cryptocurrency could fall to the Kijun line at around $85,000.
the The analyst also explained The best case scenario for Bitcoin price indicates that it needs to close again Rising wedge More than $120,000. However, he added that remaining liquidity may be captured below first before BTC trends higher. The accompanying chart showed that the flagship cryptocurrency could fall as low as $79,000 if that happens.
At the time of writing, Bitcoin is trading at around $101,800, down about 2% over the past 24 hours, according to Data From Coin Market Cap.
Featured image from Getty Images, chart from Tradingview.com
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