- Crypto expert declares BTC price action shows no weakness.
- He expects a bullish turn after BTC hits $83,000.
- The bull market pump phase is expected to continue.
The price of the pioneer crypto asset, Bitcoin (BTC), has been moving in a steady sideways movement in the lower price range of $89,000 to $92,000. Most analysts expected this dip and believe it to be a regular correction phase before bullish momentum recovers. Others state it is the crypto market turning bearish. One crypto expert declares BTC price action shows no weakness and expects a bullish turn after $83,000.
Crypto Expert Declares BTC Price Actions Shows No Weakness
Over the last week, the price of Bitcoin (BTC), saw a significant price decline, going from $102,000 to as low as the $87,000 price range, according to CoinMarketCap analytics. Initially, the price of BTC fell from 6-digit prices to the $95,000 price range in one fell swoop. So after this it dipped to the $90,000 price range almost immediately, and many analysts saw that this price drop was taking place without any actual catalysts driving the drop.
After this, the price of BTC has been trading in a steady sideways movement, taking its price from $92,000 to $89,000. At the moment, Bitcoin is staring in the $92,400 price range, showing that the price is up by over 2% in the last 24 hours. The pioneer crypto asset is currently boasting a total market cap of $1,843,419,879,867.15 and a 24-hour trading volume of $79,791,458,287.08.
Presently, most analysts have turned completely bearish and believe the 4-year bull cycle has concluded, leading Bitcoin and crypto market into the start of a bear market. This could mean either a quick altseason peak phase by the end of the year, or no altseason altogether. As we can see from the post above, not every analyst agrees with this take. This post mentions that the current BTC price movement suggests no weakness.
In detail, the analyst says that this is just standard movement for BTC and that there is nothing abnormal about BTC’s current price action. The post also mentions that Wave 3 hit the 1.618 Fib at $125,000 and has pulled back for Wave 4 and that every single Wave 3 aims for the 1.618 Fib, it is the most popular Fibonacci level and every single Wave 4 is expected to pull back to the 0.38 Fib which is at $83,000.
Expects Bullish Turn After $83,000
The post concludes by saying that this is the clearest write-up about BTC and marks the structure as being perfect for BTC. He finishes by saying that the market should be getting more Bullish towards $83,000 BTC price. Another sign that points to the fact that BTC is holding strong is that BlackRock has begun to sell its BTC, but the crypto market has not experienced a significant dump as a response.
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