The crypto market sees bearish developments leading to falling sentiments.
One analyst remind the crypto community of the many bullish BTC structures still in play.
He says there is no cause for concern and encourages holding strong.
The price of Bitcoin clings to $104,000 as a new month and week kick off in the crypto market. With sentiments having dropped from ‘Greedy’ to ‘Neutral’, the crypto market sees bearish developments. One analyst remains bullish among the doubters and reminds the crypto community of the still valid bullish BTC structure and shares his detailed weekly Bitcoin report, revealing what to expect next.
Crypto Market Sees Bearish Developments
The month of May ended with the price of BTC falling to the $104,000 price range. However, despite the BTC dip that brought it there, the May close has been the highest monthly close throughout history for Bitcoin. Now, the crypto community wonders what is next for Bitcoin (BTC), are expectations for a new ATH still in play, or do traders anticipate a greater dip before higher highs make their debut?
One analyst, known for his many accurate silver-tongued predictions, Doctor Profit, shares his weekly Bitcoin market report, revealing what to expect next. To begin, the analyst throws back to his previous weekly report where he shed light on the golden cross formation and called it a macro-level signal with historic accuracy. He says that this signal was a long-game signal, meaning patience and time will see BTC price pump again.
As for the present condition of the crypto market, Doctor Profit draws attention to the bearish divergence appearing on the weekly timeframe. He says that this is no cause for concern as it had triggered back when BTC was in the $80,000 price range but hadn’t played out. Furthermore, he chalks it up to a lag caused by Trump’s tariff war.
Bullish Structures in Play
Instead, he highlights profit-taking from short-term holders of wallets that entered the market in the last 6 months. This he calls standard cycle behavior and advices to watch out for the real signal, which is of long-term holders and large wallets, these haven’t moved. With all of them staying in position, this bodes as a good sign for bullish BTC price pumps ahead. The analyst then goes on to highlight the positive bullish structure in play at the moment.
https://twitter.com/DrProfitCrypto/status/1929257918022754643
To highlight, Doctor Profit mentions the many bull signals in play, the first being the golden cross on the weekly price chart. Secondly, he mentions the cup and handle pattern, clearly visible on the daily price chart, with the breakout zone set between $113,000 and $115,000. Next, he mentions the higher highs and lower lows being set in BTC price alongside the moving averages showing trend support, and finally, the MACD being bullish on the weekly chart.