Bitcoin Bull Market has ended, CEO Cryptoquant predicts a declining direction for the next 6-12 months
Bitcoin faces critical price levels as it re -testing the main resistance areas, hinting to the risks of its constant bull market. Historically, when Bitcoin tested these levels during the upscale stages, she managed to penetrate, keep them, and continue up. However, the current market conditions indicate caution, because the cryptocurrency faces major resistance and may face slowdown.
50 % level: a decisive indicator
Bitcoin is currently $ 83,000, which is approximately $ 10,000 for the decisive level of 50 % at $ 93,000. This level is important because Bitcoin historically showed strong reactions to this, both during the ups and down. The 50 % level is especially important for the current session, as it is derived from the price range between the lowest level in August and its height ever in January.
In recent weeks, Bitcoin has seen sharp price movements, with significant fluctuations around the level of $ 79,000. Despite these fluctuations, the price managed to stick to this level, indicating that the market is monitoring other signs, either collapse or collapse.
Market morale: a possible sale process
Although Bitcoin’s short -term expectations may appear bullish due to wearing recent prices, there are fears that if Bitcoin fails to exceed 93,000 dollars, he may suffer from a significant sale. This failure will resemble the failed marches, as the market morale has turned into a decline quickly, leading to sharp declines. Investors should realize that these levels have risks, and that patience will be a key to evaluating the next step.
CEO Cryptoquant warns the bear market
The chain indicators also indicate a potential shift in the Bitcoin market cycle. CEPTOQUANT KI Young JU suggested that the Bitcoin course may end, and expected from 6 to 12 months to make a declining or side price.
According to him, the scales on the chain such as MVRV, SOPR and NUPL indicate the bear market. He added that fresh liquidity dries and that the new whales sell bitcoin at lower prices, which may mix any bullish momentum.
What is the following for Bitcoin?
As Bitcoin approaches these decisive levels, it remains to see whether it can penetrate the resistance or if it will face another contraction. Investors must closely monitor the price procedure, especially about $ 93,000, because any failure to overcome this may indicate more challenges for Bitcoin in the coming months.
