Is the Bull Run Over?
Bitcoin’s recent drop below $60,000 has raised concerns, but analyst Marco Johanning believes it’s just a correction in an ongoing bull market.
Indicators of a Bullish Trend
- Bitcoin reached its bear market bottom in 2022.
- It broke above the 200-day moving average in October 2023.
- Bitcoin achieved a new all-time high in March 2024.
- It has consistently recorded higher highs and higher lows over the past 18 months.
What to Expect Next
Scenario 1: Monthly Chart
- Key level: $48,000-$49,000
- Potential for a bullish retest at this level.
Scenario 2: Weekly Chart
- Key level: $52,000
- Major support/resistance level with significant market imbalance.
Scenario 3: Lower Timeframes
- Key level: $57,000
- Potential for a deviation or price trap.
Impact on Altcoins
Altcoins have shown resilience despite Bitcoin’s volatility, indicating that the worst may be over for them.
Market Strategy
Johanning remains optimistic and is accumulating more Bitcoin at current prices, believing that the bull market will continue.
Conclusion
While Bitcoin has experienced a correction, indicators suggest that the bull market is still intact. Investors should watch key levels and adjust their strategies accordingly.
