CryptoSignals News
Join our Telegram

Bitcoin to Enter Bear Market Following Prolonged Consolidation: Twitter Analyst

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more

Bitcoin to Enter Bear Market Following Prolonged Consolidation: Twitter Analyst

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.

BTCUSD – 4-Hour Chart

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

 

You can purchase crypto coins here: Buy Tokens

Recent News

August 28, 2023

A Comprehensive Guide to Friend Tech

Friend Tech is a SocialFi platform where one can purchase shares of Twitter accounts. As soon as one buys a share of a Twitter account, one will be able to access the channel of the account for which one has purchased a share. This then gives the buyer the opportunity to type and message the [&hell...
Read More
May 29, 2023

Bitcoin Shrimps Aggressively Accumulating: Reports Glassnode

The world of Bitcoin investment is buzzing with intriguing developments, as data from Glassnode, a prominent on-chain analytics firm, reveals a fascinating trend. While the smallest cohort of Bitcoin investors, affectionately referred to as shrimps, are eagerly accumulating the digital currency, la...
Read More

Join Our Free Telegram Group

We send 3 VIP signals a week in our free Telegram group, each signal comes with a full technical analysis on why we are taking the trade and how to place it through your broker.

Get a taste of what the VIP group is like by joining now for FREE!

arrow Join our free telegram