Bitcoin Bears Changing Stance After Recent Bounce, Analyst Says
A well-known analyst in the crypto space believes that traders who have been bearish on Bitcoin are starting to reconsider their position following the recent bounce in BTC’s price. Cheds, a pseudonymous trader with a large following on social media, shared his insights with his 346,600 followers on X, highlighting key indicators that suggest Bitcoin is still in a strong uptrend.
On Monday, Bitcoin experienced a sharp recovery after dropping below $90,000, signaling to Cheds that the cryptocurrency is maintaining its bullish momentum. The analyst pointed out that Bitcoin flashed a high wave doji candlestick pattern, indicating that large investors are defending BTC’s bullish trend.
Cheds also observed that Bitcoin has broken out of a W double bottom pattern, a bullish reversal structure that suggests a new uptrend is underway. With Bitcoin trading above the pattern’s upper boundary of $96,000, Cheds predicts that those who were bearish on BTC will likely change their stance.
The current price of Bitcoin stands at $97,070, and Cheds believes that bears will eventually have their moment to shine, but that time has not yet arrived. According to the analyst, trends in the crypto market tend to continue, and bears may be jumping the gun by calling for further downside action on Bitcoin.
In conclusion, the recent price action in Bitcoin has caused a shift in sentiment among traders, with many now reassessing their bearish outlook on the cryptocurrency. Cheds’ analysis suggests that Bitcoin’s uptrend is still intact, and bears may need to wait for the right opportunity to assert their dominance in the market.
For more updates on Bitcoin and other cryptocurrencies, be sure to subscribe to receive email alerts directly to your inbox. Stay informed on price action and follow us on X, Facebook, and Telegram for the latest news and analysis. Don’t miss out on the latest developments in the crypto space.
Generated Image: Midjourney