After the bulls and bears exchanged intense heat during the last trading day, the bears appear to have been victorious to some extent. The price has dropped by more than 8% but is still trying to hold within the key support levels, which has kept the bullish hopes alive. However, the bears are believed to hold dominance for a while, which may not be a good signal for the Bitcoin (BTC) price rally.
The technicals have flipped into bearish favour as the weekly RSI faced a bearish divergence at the interim highs, which may drag the levels within the average range. This may certainly cause the BTC price to break the lower support, which may pull back the levels below $60,000. This range is expected to be a good buying opportunity, as suggested by a popular analyst, Michael van de Poppe.
The analyst believes that the recent upswing was just a pre-halving hype and hence the crypto markets may experience a massive bull market. Therefore, he advises his 705K followers to quickly accumulate at every drop, as it could be a good buying opportunity for Bitcoin as well as altcoins.
“Bitcoin still correcting down.
My main thesis is that we’ve seen the pre-halving hype and that we’re going to have a long, massive bull market,
Anything in the lower boundaries→ buy opportunity
Interested in buying dips on altcoins too,”
The chart referred to by the analyst suggests levels around $60,000, the lows for the current pullback. Therefore, the Bitcoin (BTC) price is believed to drop to these levels in the coming days which may attract huge liquidity either on the spot or spot ETF which may quickly enhance the bullish activity and trigger a fresh bullish wave.
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