A crypto expert said that Bitcoin (BTC) is still in a bear market despite its recent price, warning that the cryptocurrency could be corrected deeply below $60,000. The call comes in the middle repeated failed breakouts it is a debilitating force, raising doubts about any near recovery. According to the expert, the current system shows Bears remain firmly in controland threats that continue to grow.
Why Bitcoin Is Still Good Despite Recent Updates
A technical expert known as JDK Analysis on X said he shared You can find out the history of Bitcoin to Bitcoin here for every year and at different times. In his post, he said that The current price of Bitcoin is over $75,000 recorded his fourth fakeout. He added that, rather than restoring stable prices, the recent rally could signal weakness, bolstering his case that BTC is currently in a minor rally. a growing bear market.
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JDK Analysis found that the current again to accumulate part they did not have the major indicators seen in the real market, which often lead to constant price fluctuations. As a result, they suggest that any long-term increase may be limited until the final price is reached.
The expert explained that strong stock markets do not emerge suddenly. Instead, they create after a further decline and many processes are involved. He also said that large investors cannot “buy down” like many retail traders because their money is enough to move the market and control prices.
He added that buying only happens when enough traders are willing to sell the coins, which makes it difficult for major players to enter the market. If they choose to put big buy rules even if there are not enough sellers, they can raise prices and buy worse.
To counter this, JDK Analysis noted that many of the major players are often looking to capitalize on areas with integrated systems. He said it also helps when many traders are caught on the wrong side of the market, because their positions provide easy money for whales. He called this method liquidity engineering, saying that it explains why the price of Bitcoin often goes up and down within the range, looking like. is recovering.
The expert added that the same method also works when Bitcoin crashes suddenly. In sharp moves, traders often panic and sell, which leads fakeouts on the ground in which prices drop slightly before reversing or stabilizing. Overall, JDK Analysis remains firm in its view that the market is not vulnerable. Instead, they argue that the bears are still in control, with no solid base and the possibility of another major price drop still ahead.
BTC Faces Possible Breakdown Below $60,000
While he is keeping it the market is still openJDK Analysis has described what the real bottom should look like. He said that really down forms after several attempts failed to download the prices. He also emphasized that during repeated repetitions, the number of sales decreases, indicating that selling pressure is ending when the sellers are tired. When this happens, the market starts to move before a new trend begins.
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However, the expert says that the current market shows a different behavior. Instead of getting tired, prices continue to test higher levels before being rejected. He added that the BTC volume seems to be increasing, with any push that goes along with the drop in sales. The analyst sees this as a major bearish signal.
Its chart shows that if Bitcoin falls below $75,000, the cryptocurrency may be heading to the next danger level around $59,000. If this support fails, the analyst predicts a deep correction below $56,000, possibly setting its final mark.
Graphic design by Dall.E, chart from Tradingview.com
