- Market pump does not make a bullish turn.
- Reputed analyst declares no change from bearish outlook.
- He hopes to add more short trades if BTC trades between $116,000 and $117,000.
The crypto market seems to have started the final week of the month of October with a strong lead. The week seems to have begun with a steady recovery in crypto prices, especially for BTC and ETH, both assets which are up by over 3% and 6% respectively. Amid hope for a bullish recovery, one reputed crypto analyst declares that the market pump does not make a bullish turn and remains adamant about a bear market.
Market Pump Does Not Make a Bullish Turn
Over the last 24 hours, the price of the pioneer crypto asset, Bitcoin (BTC), has pumped from the $111,000 price range to the $115,000 price range, while the price of the pioneer altcoin, Etehreum (ETH) has pumped from the $3,900 price range to the $4,200 price range, marking a steady and sudden surge by over 3% and 6% respectively. This pump has led to reviving hopes for another new and possible final ATH price for BTC and the start of altseason.
At the moment, analysts are caught between a bearish and bullish expectation tug of war. On the one hand, bearish analysts believe the 4-year bull cycle has timed out and that BTC will fall below $100,000 soon, triggering the inevitable bear market. However, on the other hand, bullish analysts argue that a cycle cannot end without altseason and that the prices of BTC, ETH, and altcoins will hit new ATH prices in the weeks ahead.
Analyst Declares Market Remains Bearish
On this matter, Doctor Profit, the analyst known for his many accurate silver-tongued predictions so far, remains adamant that the crypto market is moving into a deep bearish market. He believes his is due to the 4-year cycle timing out. On the contrary, he also believes BTC will hit a new ATH in 2027, which would not be in the rhythm of the 4-year bull cycle. The analyst known for his weekly predictions refused to share one this week.
As we can see from the post above, this is because he believes that despite the pump, the price of BTC will not surpass the $117,000 price range, as he had shared in previous reports. In fact, his prediction for a bear market remains so certain to him that he proclaimed he would add more short orders for BTC between the 116,700 – 117,200 price range, should the asset visit these prices.
Meanwhile, other analysts consider the possibility of this being another market manipulation play to flush out more traders before allowing the prices of Bitcoin and altcoins to hit higher highs. So far, many analysts and traders believe that crypto prices are being suppressed, an expectation based on the fact that selling pressure has been extremely high on centralized exchanges like Binance.
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