A crypto analyst says the bears are in denial and the market is being manipulated. The analyst predicts that the Bitcoin price will fall further into the panic phase. Other views suggest that the market is already in the rage phase and preparing for a recovery.
Best case scenario for altcoins
The crypto analyst nicknamed DonAlt, who accurately predicted this year’s Bitcoin rally, looks at the best-case scenario for altcoins after BTC rallied above $22,000. The analyst says altcoins look ‘really, really good’. DonAlt predicts that while altcoins are bullish, these tokens will likely correct against Bitcoin as he expects BTC to rally strongly to $30,000. Once the BTC rally shows signs of exhaustion, DonAlt notes that the following consolidation period could trigger a return of capital to altcoins. In this context, the analyst makes the following statement:
Best case scenario for altcoins in my opinion: Bitcoin increases BTC pairs drastically (~$26,000-$30,000). BTC temporarily peaks and the nuclear bombs explode. BTC bounces dead cat (on lower timeframes) as altcoins go crazy. Everything resets so we can keep going up.
Historically, altcoins tend to take a backseat when Bitcoin takes off. At the time of writing, BTC is changing hands for $22,773, up about 38% per year. DonAlt says that when he looks at the broader crypto markets, he sees discarded capital flowing back into digital assets. In this regard, he comments:
Bear market rallies are beautiful. We’re still waiting for $30,000 but we’re getting close to the point where the bears are starting to sweat so hard that they can actually convert some barns into BTC/ETH/alts. I want TP (take profit) on my trades, but I don’t feel like the time has come yet.
Analyst explains big Bitcoin target!
Crypto analyst Kevin Svenson says a big change in trend for Bitcoin may be on the way. The analyst states that there is currently a bullish macro exchange for Bitcoin. In this context, the analyst makes the following assessment:
We are now breaking the biggest falling wedge in Bitcoin history. It stretches from 2021 to 2022, 2023… We are starting to explode. Of course, we should make some daily and weekly closes above this trend line. However, this could be a major paradigm shift for the Bitcoin price. And really, the most interesting part about it is, if you take the falling wedge measurement for the target and bring it into the breakout zone, it’s over $50,000. That’s exactly what the textbook says… The target of the biggest falling wedge in Bitcoin history is $50,000.
A falling wedge pattern is traditionally a bullish formation that indicates a trend reversal as an asset pushes higher in a downtrend after a confirmed breakout. However, Svenson emphasizes that he does not see Bitcoin’s rise to $ 50,000 as something that can happen immediately. In this regard, he notes:
It will probably take a long time for Bitcoin to get there. Plus, prices like $50,000 seem utterly ridiculous to most people. But this is what Bitcoin usually does. He usually does what you think he won’t do.
Bitcoin rise is a ‘Bull Trap’, according to analyst
A Twitter character with the ID IncomeSharks shared an opinion on the current crypto market situation. IncomeSharks joins other analysts trying to predict how the next phase of Bitcoin price will develop. According to the analyst, bears in the Bitcoin market are currently in the ‘Rejection Phase’. The analyst hints that the current price rally is a bull trap and a manipulation. He also says that after this, a panic phase will come in particular. IncomeShark’s tweet is accompanied by an illustrated drawing using an analysis sheet from the Wall Street Cheat Sheet.
The Wall Street cheat sheet pictured in the tweet highlights various psychological stages in the market cycle. It shows people’s tendency to react in certain ways when the price of a particular asset rises. The analysis tool takes advantage of the emotional side of traders’ behavior and is used to predict the prevailing mood in different market conditions.
According to IncomeShark’s comment, the current Bitcoin rally is just an instant spike that won’t last long. The analyst predicts that the Bitcoin price will fall further and enter consolidation. If this interpretation is correct, there will be a sideways move after the predicted decline, before a bottom is formed ahead of a sustained bull run.
The Wall Street cheat sheet and how it relates to the market price depends on individual interpretation. Domokos Csaba, one of IncomeShark’s responders, offered a different view on the current market situation. Csaba thinks that the panic phase is already gone and the market is one step ahead: the ‘Rage Phase’. The market for Csaba is closer to a sustainable bull run than IncomeShark thinks.
cryptocoin.comAs you follow, Bitcoin’s latest rally has triggered a few views so far. Some investors are careful not to make costly entries to the market because they do not want to miss a continuous price rally. Even CZ, the CEO of Binance, advised investors to be careful when entering the market.
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