A well-known crypto strategist has revealed his next price goal for Bitcoin (BTC), which would defy the present bear market. Credible, a pseudonymous expert, claims that he will be bearish on Bitcoin one day, but not until it roars above $100,000 to complete an extended bull cycle.
The expert then goes after those who forecast Bitcoin would fall below $15,000, claiming that similar doom-and-gloom predictions missed out on BTC soaring to new all-time highs (ATHs) in the late summer and fall last year.
“Looking forward to being bearish after this wave up over $100,000 that I’m expecting completes.Seeing the way sentiment is now during a mid-cycle correction means the correction that corrects the entire bull cycle from $3,000 to $100,000+ is going to be absolutely brutal.”
The case for $13,000-$14,000 BTC is based on the idea that previous big bear markets have resulted in 80% falls from the peak. This assumes that $65,000 was the cycle top. It’s the same assumption that folks made at $30,000 in June of 21 before we rallied to a new all-time high of $65,000 three months later.
The crypto strategist wraps up by citing Glassnode data. He says that he has never seen a more accurate floor model. There are no certainties, but it has always marked our bottom when we have tapped it. He regards this as a ‘confluence,’ and while it does not support his full bullish thesis, it does support the idea that we have struck our bottom.
Bitcoin Price Analysis
Today’s Bitcoin price analysis is bearish, as the market has witnessed another failed attempt to move higher, as well as a short rise to $29,000. As a result, BTC is likely to break even lower and move towards the next support level of $27,500.
On the 4-hour chart, selling pressure is returning as the current bottom is challenged again, indicating a possible overnight breakdown. Although there is a danger of further price breakdowns, the cryptocurrency could find support between $25,000 and $27,000. BTC was trading around $28,894 at press time, down 4% in the last 24 hours and essentially unchanged over the previous week.