Bitcoin trades north of the $32,000 levels as the bulls regain some conviction in the daily chart. The general sentiment in the market seems more bullish, but many still warn caution until BTC’s price moves higher to a safer zone.
Bitcoin’s recent price action has left many in the dark, wondering about its next direction. Uncertainty reigns supreme. At this point, experts have been comparing different Bitcoin bull and bear periods to grasp an idea about its future.
In lower timeframes, most seem to lean with the bears. Thus, they bet on more downside for the short term. Trader Josh Rager warn bears about BTC’s price capacity to drive short squeezes even in its worst times.
In late 2017, after reaching an all-time high of $20,000, Bitcoin went on a downtrend, but similar to its current price action, the cryptocurrency made 50% and 100% rallies “on the way down”, as Rager said while adding:
You’re in a bear market until proven otherwise. It means long term downtrend, A downtrend that has been happening for 4 months now.
Pseudonym trader Daan Crypto has an opposite bias. This trader also compared Bitcoin with other cycles and believes this and other cryptocurrencies are not in a long bear market, but at a key moment of the bullish cycle.
I personally do think the current cycle is not done yet and that we will see us move to new highs later this year which we’ll likely hit around Q1 2022 if I had to guess.
Bitcoin And Its Bullish Cycle, Will History Repeat?
Daan Crypto argued that the 4 Bitcoin past cycle can be divided into those with smaller corrections and a grind up towards new highs, as seen below.
The current cycle could be more explosive with a big peak at the middle, Bitcoin’s last all-time high at $64,000, and a few months of “bear market”. After this period, the cryptocurrency should recover and…