Ash Crypto, a crypto analyst, has disclosed that Bitcoin has entered the “thrill” phase. The analyst also provided an explanation of the expectations for the premier cryptocurrency in the future, as it has now entered this phase of the bull run.
Ash Crypto disclosed in an X post that Bitcoin is currently experiencing a period of excitement. Based on this, he advised market participants to anticipate increased liquidity and greater volatility. In general, the analyst observed that the Bitcoin price trend will be upward as it continues to reach new all-time highs (ATHs). He anticipates that Bitcoin will experience a significant increase in value, potentially reaching $150,000.
His accompanying chart demonstrated that the excitement phase of the market cycle is characterized by investors and traders who become excessively enthusiastic about the bull rally and opt to invest with leverage. Nevertheless, as Ash Crypto pointed out, this could potentially go awry due to the high volume of liquidations that will occur during this time.
The Bitcoin price has, at various points, corrected after reaching new highs, thereby clearing out over-leveraged longs, despite the fact that this is a bull market. Additionally, Alex Thorn, the Head of Research at Galaxy Research, clarified earlier this year that bull markets are not linear trends and that substantial price corrections are likely.
Nevertheless, in the long term, the bears are the ones who suffer as prices continue to rise during a bull run. Ali Martinez, a crypto analyst, recently disclosed that Bitcoin’s potential rebound to $93,000 will result in the liquidation of more than $800 million. Two days ago, BTC attained this price level as it rallied to a new ATH of $93,400.
The Bitcoin price has since corrected and fallen below $90,000. This was partially attributable to the fact that the US PPI inflation data exceeded the anticipated level. This development has raised some concerns regarding the Federal Reserve’s willingness to reduce interest rates in December.
Ali Martinez proposed that the Bitcoin price could undergo additional declines in the near future. In a post on X, the crypto analyst stated that the daily Relative Strength Index (RSI) indicates that Bitcoin is in overbought territory, which typically indicates a potential price correction.
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