Crypto: Bitcoin Bear Market Not Over? Trader Sees BTC Price 'real Bottom'...
Bitcoin price analysis stayed bearish on the outlook for BTC, predicting new macro lows in a repeat of the 2022 bear market.
Bitcoin (BTC) gained up to 3% Sunday, but some traders refused to believe that the BTC price crash was over.
Bitcoin price comparisons warn that new macro lows are due if the 2022 bear market continues to repeat.
Moving averages and the cost basis of the US spot Bitcoin ETFs are in focus.
Analysis says that a carbon copy of 2022 is not a certainty.
Data from TradingView showed BTC/USD crossing $71,000, now up 20% versus Friday’s 15-month lows.
As the weekly close neared, Bitcoin added characteristic volatility, while market participants remained highly skeptical that the rebound would last.
Uploading a chart to X which compared current BTC price action to the 2022 bear market, independent analyst Filbfilb had no good news for bulls.
“Im not going to try to dress it up any way other than how it looks,” he commented alongside a chart showing spot price versus the 50-week exponential moving average (EMA) at $95,300.
Analyst Tony Severino held similar ideas, contributing multiple price indicators and concluding that new lows were all but guaranteed.
Source: CoinTelegraph
