Leading crypto analyst shared his stance on the recent correction in bitcoin prices and pointed out that Bitcoin is still in a better phase than September 2021.
Over the past few weeks, Bitcoin has suffered small and large dumps in its price and internet interruptions in Kazakhstan. Calendar. The interest rate should be raised three times this year. At one point, the Greed and Fear Index reached 15, the lowest level in July 2021.
A leading crypto analyst in the crypto industry with 334,000 followers on Twitter
Techdev commented in a tweet that Bitcoin is still in the correction stage.
The analyst further said that the recent correction in bitcoin prices is part of the next phase of the bitcoin cycle. So here Bitcoin is ready to enter the next stage.
“Most likely outcome to me still is another upward impulse, before the start of (a) downward impulsive trend, which is what defines a true bear market to me.”
Techdev said there was a kind of border situation that goes to the bitcoin pump, and if it does not rise, Bitcoin will just consider the session after February.
Overall, the analyst said he did not see a big downside to bitcoin and that it was a good sign to grow.
“We cannot see a year+ downward impulsive trend beginning after an already year-long corrective trend. That’s simply not how impulsive/corrective speculative markets tend to work.”
More and more analysts are ready to follow the bitcoin bull trend later this year, but not all of these predictions need to be accurately calculated here. Thus it’s better to plan on both sides and act accordingly depending on the situation.
“Right now, my whole reading, at least one turn left, is that Bitcoin has faced a lot of correction and consolidation back since February 2021.”
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