A widely followed crypto analyst says that Bitcoin (BTC) is not yet in a bear market despite its recent pullback that saw the biggest digital asset tumble to prices not seen since last September.
The pseudonymous analyst known as TechDev tells his 334,000 Twitter followers that BTC is still in a long corrective phase.
However, the crypto strategist highlights that BTC’s corrective period is nearing its conclusion and that Bitcoin is gearing up to start the next phase of its cycle.
“Most likely outcome to me still is another upward impulse, before the start of [a] downward impulsive trend, which is what defines a true bear market to me.
[Another] possibility to me is capitulation soon to the correction bottom, similar to the second yellow arrow in past cycles.
So, to me, we’re either near the start of the final upward impulse, or near the bottom of what I suppose could be argued a ‘bear market’ since February.
Either way, I cannot see a year+ downward impulsive trend beginning after an already year-long corrective trend. That’s simply not how impulsive/corrective speculative markets tend to work.”
The analyst says he believes Bitcoin is set for one more massive rally sometime in the first half of this year but adds that nothing is set in stone.
“For now my macro read is that at least one upward impulse remains and that Bitcoin has been correcting/consolidating since Feb 2021.
I have a plan for both sides and nothing is certain.”
Bitcoin is exchanging hands at $41,898 at time of writing, an 11.5% decrease from its seven-day high of $47,346.
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