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NewsBTC 2021-07-22 18:12:58

Bitcoin On Track To $100K, Why The Bull Cycle Could Be Just In Its Early Days

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 i...

Disclaimer : All crypto price forecasts provided on our website are only for general information. The content should not considered as financial advice, legal advice or any other form of advice meant for your investment. Conduct your own research before investing in any cryptocurrency. Trading is a highly risky business, please consult with your financial advisor before making any decision.