Cryptanalyst Snow, who called Bitcoin peakhas declared that BTC will not reach $116,000 in the next year. He made this comment while downplaying the recent market rally, claiming it was just a dead cat bounce.
Analysts say Bitcoin will not break above $116,000 in the next year
In one X postsSnow stated that the algorithm prints a new ceiling, which is why Bitcoin will bounce, but it will not breach $116,500 for the next 365 days. He further warned that this is simply a Dead Cat Bounce structure, which is why the analyst believes traders shouldn’t get their hopes up for continued bullish momentum.
Snow had rightly called the Bitcoin top, selling the flagship crypto as it traded around its current all-time high (ATH) of $126,000. The analyst’s latest comment comes amid BTC’s rise above $90,000which has given optimism that the bull market may still be in play, with an extended market cycle a possibility.
However, the analyst argued that the ‘Supercycle’ narrative is a lie peddled to market participants by those who need them to hold their bags. He also revealed that he is looking for shorts, not longs, as he still expects BTC to crash further. Cryptanalyst Colin also suggested recently that the current market recovery is a Dead Cat bounce.
The analyst stated that there is an 80% chance that BTC is already in one bear market. At the same time, he noted that there is only a 20% chance that the flagship crypto will reach a new all-time high on this bounce. However, Colin predicted that Bitcoin could reach between $100,000 and $115,000 on this recovery.
The BTC rally is about to begin
Cryptanalyst Titan of Crypto is listed that Bitcoin is about to witness a rally that could see it break above the psychological $100,000 level. This came as he noted that a rally usually follows the 10-day Stochastic RSI bullish crossovers. But the analyst added that the real question is whether this rally will be strong enough to break the ATH or whether it is simply a Dead Cat bounce confirming the end of the bull market.
The analyst had revealed that he is currently 80% bearish and 20% bullish. However, cryptanalysts CrediBULL Crypto believes the bull market is still on as long as Bitcoin does not fall below $74,000, which he highlighted as the most important holiday frame level. With monthly closing Approaching, the analyst said a close above $93,000 would be a positive sign, while one above $102,000 would be “incredibly bullish.”
At the time of writing, the Bitcoin price is trading at around $91,450, up in the last 24 hours, according to data from CoinMarketCap.
Featured Image from Pngtree, Chart from Tradingview.com
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