Crypto analyst CryptoCon has suggested that the Bitcoin bottom isn’t in despite the recent rally to around $82,000. He pointed to a bear flag, with BTC currently retesting the top of the channel but likely to break to the downside once the retest fails.
Bitcoin Bottom Unlikely In As A Bear Flag Still In Play
In an X post, CryptoCon indicated that Bitcoin was likely to see another move to the downside. This came as he noted that the predominant pattern right now is still very much a bear flag, and that Bitcoin is now at the top of the channel. The analyst added that this is typically the point at which market participants begin to question whether the bottom is in.
CryptoCon then mentioned that this current bear flag has been in play for 86 days, while the longest bear flag time since November 2021 is 100 days. During this period, a total of seven bear flags is said to have formed. The analyst explained that it is typical to see bear flags finally break to the downside after Bitcoin’s second major retest of the top of the channel, which is what is happening now.
As such, another downtrend may be on the cards for Bitcoin following this relief rally to as high as $82,000. In another X post, the analyst explained that he is just supporting the bear cycle to play out in full, based on historical patterns, and that a bottom is unlikely until year-end. He added that Fear and Greed have returned to neutral, similar to other cycles at this time, after the same set of moves.
Furthermore, the analyst noted that the short-term cycle is repeating itself, in which price makes a big move to the downside and market participants become bearish. After that, the Bitcoin price balances, and then market participants become neutral while bullish sentiment returns as BTC rebounds into a local high, which could be happening now.
BTC In The Final Stage Of The Bull Trap
Crypto analyst Doctor Profit, who called the Bitcoin top last year, said that Bitcoin is entering its final stage of the bull trap before it continues its downtrend with force to new lows. He added that the next downside move starts from this region and that he plans to keep his long open until BTC hits between $83,000 and $85,000.
Once that happens, the analyst plans to start building short positions while taking profits on the long position. Doctor Profit had previously stated that the Bitcoin bottom is likely to occur towards the end of this year, with BTC still on course to drop to around $50,000 before then.
At the time of writing, the Bitcoin price is trading at around $80,900, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
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