A popular crypto analyst, Cheds, believes the recent Bitcoin price surge signals a shift in market sentiment.
Bitcoin’s Bounce Back
After Bitcoin dipped below $90,000 on Monday, it quickly recovered. Cheds, who boasts over 340,000 followers on X (formerly Twitter), interprets this as a sign of continued upward momentum. He points to a specific candlestick pattern – a “high wave doji” – as evidence that major investors are actively supporting Bitcoin’s price.
Technical Analysis Suggests Bullish Trend
Cheds also highlights a “W double bottom” pattern, a classic bullish reversal signal, suggesting a new uptrend is underway. With Bitcoin trading above the pattern’s resistance at $96,000, he predicts a change in sentiment among previously bearish traders. He expects those who were betting against Bitcoin will now start buying.
Bears Not Out Yet, But Their Time Isn’t Now
While Cheds anticipates a bullish continuation, he acknowledges that bearish traders might eventually be proven right. However, he believes that time isn’t now, and the current upward trend is likely to persist. In short, the bears might be a little early to the party.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
/p>
