Bitcoin’s price has taken a bit of a dip recently, causing some debate among analysts. While it hit a high of over $111,000 in May, it’s now trading below $105,000. Is this the start of a bear market, or just a temporary setback?
A Bullish Correction?
Crypto analyst MasterAnanda believes the current downturn is just a healthy correction within a larger bullish trend. While he doesn’t think Bitcoin will hit the predicted $200,000 this cycle, he’s still optimistic.
MasterAnanda’s Predictions
MasterAnanda sees a more realistic target of $137,000 once Bitcoin recovers. A key indicator for him is the formation of a “higher low” on the charts. He suggests that a retracement to around $88,888.88 (a significant Fibonacci level) would confirm this, as it’s well above the previous low of $74,500. He even boldly predicts Bitcoin will never again trade below $80,000. If Bitcoin stays above $100,000-$102,000, he considers this a minor correction and a bullish continuation. A break below that level, however, would be a more serious sign.
Supporting Evidence
Another trader, RLinda, supports this view. Her analysis shows Bitcoin in a fragile recovery, but still within a bullish context. She highlights the $102,000-$101,400 range as crucial support levels. A bounce from here could lead to a retest of $106,000-$108,000, providing more clarity. However, a failure to hold above $101,000 could trigger a more significant sell-off.
The Bottom Line
Both analysts agree that the current dip isn’t necessarily the end of Bitcoin’s bullish run. At the time of writing, Bitcoin is trading around $104,290. Whether it reaches $137,000 or higher remains to be seen, but the overall sentiment leans towards continued bullishness, at least for now.
