Bitcoin price continues to tank as analysts seem certain that the bear market has begun.
Most analysts cannot see what can put BTC on a bullish path again
Only a few remain hopeful for a final BTC pump and altseason’s arrival.
The crypto market is having a rough start to the month of November. In detail, Bitcoin price continues to tank as analysts seem certain that the bear market has begun. Altcoin prices are also falling at a rapid pace taking bull and altseason sentiments down with it. Despite these bearish indicators, a few analysts remain bullish, believing that a major shift from the 4-year bull cycle will lead to an extended bull market
Bitcoin Price Continues to Tank
The month of November has kicked off with the price of BTC falling to heavy low prices. At the moment, the price of BTC is trading in the $104,000 price range and according to CoinMarketCap analytics, the price of BTC has been falling since yesterday, hitting $107,000 and now $104,000. Bearish analysts believe that the price will fall below $100,000 and hit 5-digit prices in the coming weeks
One analyst in particular has been preaching that the price of BTC will fall to $66,000 over the coming weeks. He has been bearish since August this year and has declared that the bear market has begun since the $20 billion liquidation event last month. The analyst came to this conclusion based on the fact that the 4-year bull cycle has likely played out, after having counted the number of days that have passed
Analysts Seem Certain the Bear Market Has Begun
Similarly, another reputed crypto analyst has become more certain than ever that the bear market has begun, based on the price action over the last few weeks. He believes that in order for BTC to become bullish again, the factors need to be plentiful, and as of now, he cannot see how that can play out. Although he still believes that capital can rotate, giving altcoins a chance to rally and trigger altseason
As we can see from the post above, the analyst has highlighted the 1-month BTC chart, saying there isn’t any indicator that can save BTC from going truly bearish. He states that the current chart looks like a cycle top and is very similar to the 2021 chart. He highlights the bearish divergence on RSI, the bearish divergence on stoch RSI, a similar red monthly candle at the top, and the same 35 months from the cycle bottom to top.
In contrast, a few traders and analysts still remain highly bullish. As we can see from the post above, this crypto trader says that bear market predictions are coming at a very improbable time. He then highlights all the bullish aspects, which are that global liquidity could ramp up, Fed repo inflows are coming, TGA floodgates are opening, the Asia stimulus wave is looming, and credit easing is on the way. He declares that when liquidity returns, altcoins will move
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