A New Perspective on Bitcoin’s Bull Market
A popular crypto analyst is challenging the notion that Bitcoin (BTC) has already hit a bull market top at $110,000. In a recent video update, the analyst known as Cheds highlights the strong long-term uptrend of Bitcoin, noting that the cryptocurrency is trading above key moving averages on the weekly chart.
Cheds believes that Bitcoin is simply taking a pause after its impressive climb from a low of around $74,000. He points to the weekly chart, which shows Bitcoin’s price above a rising EMA 8 and a significant distance from the rising MA 200, indicating considerable strength in the market.
According to Cheds, it is premature to call a top at this point. He emphasizes the ongoing consolidation phase and the lack of clear signals pointing to a market peak. In 2021, Bitcoin experienced a sharp decline after failing to surpass the $69,000 level, leading to a bear market that drove the price down to $16,000.
As Bitcoin continues to consolidate, Cheds identifies key levels to monitor, with $88,500 being a crucial support level in case of a test and failure at $96,000. He stresses that any potential top at this stage is speculative and not based on current information.
At the time of writing, Bitcoin is trading at $101,957, maintaining its position above key support levels. Cheds advises caution and vigilance in monitoring price movements as the market evolves.
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