Bitcoin’s price action has been turbulent in recent weeks, leading to increasing bearish sentiment across the crypto market. With BTC struggling to maintain momentum above key levels, some analysts are warning of a potential correction. However, one well-known crypto analyst is pushing back against this bearish outlook, arguing that the market top is far from in.
Despite short-term volatility, the analyst highlights multiple technical and on-chain indicators suggesting that Bitcoin’s bull cycle still has room to grow. In this article, we’ll break down the key arguments, Bitcoin’s current price action, and what to expect next.
Bitcoin’s Struggles: A Sign of Weakness or Just a Cooldown?
Bitcoin has faced selling pressure after failing to sustain a breakout above $85,000, dipping below key support levels. This has led to concerns that the market may have topped out, with some traders expecting a deeper correction.
Key Technical Factors at Play:
- Price Resistance: BTC has repeatedly faced resistance near $85,000, making it a crucial breakout level.
- Support Levels: The key downside levels to watch are $80,000 and $78,000—if these break, BTC could see further declines toward $75,000.
- RSI & Momentum: The Relative Strength Index (RSI) is cooling off from overbought conditions, which could suggest a temporary slowdown rather than a full trend reversal.
- Moving Averages: BTC is still holding above its 50-day moving average, a key trend indicator for bull markets.
The bearish case hinges on Bitcoin losing these critical support levels, which could trigger further liquidations and downside movement.
Why This Crypto Analyst Says “The Top Is Not In”
Despite the pullback, a prominent crypto analyst argues that Bitcoin’s rally is far from over. According to their analysis, several key factors suggest that BTC still has room to run before reaching its true market top.
1. Bitcoin’s Market Cycles Suggest More Upside
Historical data shows that Bitcoin typically follows a multi-phase bull cycle, with extended uptrends before reaching its peak. Previous cycles have seen BTC rally significantly past its initial all-time highs before entering a blow-off top phase.
Based on this model, the analyst predicts that BTC could still push toward $100,000-$120,000 before showing real signs of a cycle top.
2. On-Chain Data Shows No Major Distribution
On-chain metrics indicate that long-term holders are not significantly selling their BTC, which is typically a sign that the market has further upside. When market tops occur, long-term holders historically start selling off their assets in large volumes, leading to distribution phases.
Right now, Bitcoin supply on exchanges remains low, suggesting that holders are still confident in further price appreciation.
3. Institutional Interest Remains Strong
The growing adoption of Bitcoin Spot ETFs continues to fuel demand. Recent ETF inflows have remained steady, indicating that institutional investors are still accumulating BTC rather than selling.
As institutional demand grows, Bitcoin’s price could continue its uptrend, especially as supply reduces over time due to Bitcoin’s fixed supply cap of 21 million coins.
What’s Next for Bitcoin? Key Scenarios
Bitcoin is currently at a crossroads, with both bullish and bearish forces in play. Here’s what to watch for in the coming days:
Bullish Scenario: BTC Reclaims $85,000 and Pushes Higher
- A move above $85,000 could open the door for a rally toward $90,000-$95,000.
- Strong ETF inflows and continued accumulation by long-term holders could support this breakout.
- If BTC maintains support above its 50-day moving average, the uptrend remains intact.
Bearish Scenario: BTC Loses Support and Drops Toward $75,000
- If Bitcoin fails to reclaim momentum, a drop below $78,000 could trigger more downside.
- A break below $75,000 could open the door for a deeper correction, possibly toward $70,000.
- Increased selling pressure from short-term traders could accelerate the decline.
At this point, the market remains at a critical juncture, and traders should closely watch Bitcoin’s next move.
Conclusion: Bitcoin’s Bull Run May Not Be Over Yet
While Bitcoin is struggling to maintain its bullish momentum, key analysts argue that the market’s top is not in yet. Historical patterns, on-chain data, and institutional demand all suggest that BTC could still push higher in this cycle.
However, traders should remain cautious and watch key support and resistance levels closely. Whether Bitcoin reclaims its bullish momentum or dips further will likely determine the market’s next major move.
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