Bitcoin saw an impressive week as it hit $60,000, up over 9 percent for the first time since it set an all-time high in April. One analyst pointed out that BTC bears are getting timid and running out of lines to draw as the bullish momentum leaves no room for skeptics. Details cryptocoin.com‘in.
What about bitcoin bears?
Ever since Bitcoin started bouncing back after setting an all-time high in mid-April, the bears have been predicting a collapse in the “near future”. While Bitcoin dropped by half its value in the months following its ATH, it showed incredible resilience and is now looking to retest that level. Bitcoin has been on an uptrend for the past three months and bears are now on life support, according to one analyst. In the past week alone, Bitcoin has surged over 9 percent to over $62,600, its highest price since April 16. The cryptocurrency is seeing increased bullish momentum following the notification of a Bitcoin futures ETF approval by the US SEC, as reported by CNF. At the time of writing, the king of cryptocurrencies is trading at $60,673 after seeing a slight drop the other day.
Trading volume soared last week, consistently staying above $35 billion and even exceeding $51 billion. At a market cap of $1.14 trillion, BTC dominance currently stands at 46.1 percent.
BTC bears are being destroyed
As Bitcoin rises, the bears disappear. Benjamin Cowen, a renowned cryptocurrency analyst, observed in a recent YouTube video that the past few months have been heart wrenching for BTC bears. Cowen told 570,000 YouTube subscribers: “Bears are running out of lines. I’ve seen them around, they’re getting a little more timid than they were a few weeks ago, but it’s only a matter of time before the bears throw in the towel because I think they’re on life support right now.” Cowen observed that the overall trend is bullish, even if Bitcoin drops slightly in the coming days or weeks. “Don’t miss the forest for the trees, just focus, nothing has changed. As a result, I think Bitcoin will prevail and trend much higher from a very modest $64,000 to $65,000,” he said.
The analyst designed a technical indicator he calls the Cowen Indicator, which he uses to forecast long-term ups and downs for BTC. According to this indicator, Bitcoin’s bottom is $26,000. However, he suspects that the cryptocurrency will drop to this level. On the upside, Bitcoin’s peak is $103,000, according to the indicator.
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