Bitcoin to Enter Bear Market Following Prolonged Consolidation: Twitter Analyst
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Famous Twitter crypto analyst Mr. Whale believes that current Bitcoin (BTC) market conditions indicate an imminent bear move. The analyst tweeted yesterday that the benchmark cryptocurrency’s inability to print a new high in more than 80 days is “confirmation that the bull market is over.” He tweeted that:
“Never in any bull market in Bitcoin’s entire history have we corrected for this long, then made new highs in the same year.”
A respondent to the tweet noted that there was a 7-month window in the 2013 Bill run where Bitcoin suffered a heavy drop of 70-80% from its previous high. This drop happened before the cryptocurrency posted a final bull run to the peak of its cycle at $1,000.
Meanwhile, others noted that this cycle is quite different from previous ones due to the fundamental factors at work.
The primary cryptocurrency has now consolidated for more than six weeks, which means that a massive move (upwards or downwards) is imminent. However, based on larger time frames, Mr. Whales’ prediction could be correct.
While there were crackdowns on cryptocurrencies and bank-induced FUD over the past few cycles, there have never been FUDs on levels like the current one currently triggered by China. The recent mining ban in the Asian nation has caused the BTC hash rate to significantly low levels.
Key Bitcoin Levels to Watch — July 6
Bitcoin bulls continue to apply pressure to put the cryptocurrency on a steady recovery path. However, bears continue to frustrate these efforts in the unending tussle between bulls and bears. Following a reclaim of the upper-$35k region, bears have sent the benchmark cryptocurrency back below the $35k line over the past few hours.
Nonetheless, bulls appear to still be in the fight and have to defend the $33,750 line in the meantime. That said, the immediate target for bulls is the $35,500 (4-hour 200 SMA).
Meanwhile, our resistance levels are at $35,500, $36,000, and $37,000, and our key support levels are at $33,750, $33.000, and $32,000.
Total Market Capitalization: $1.43 trillion
Bitcoin Market Capitalization: $635.9 billion
Bitcoin Dominance: 44.5 %
Market Rank: #1
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