★The price action of Bitcoin has drawn a clear dividing line between long-term bullish expectations and short-term reality. After reaching a peak above 111,000 US dollars in May, the price of Bitcoin has entered a correction phase and is now trading below 105,000 US dollars. While some interpret the current drop as an indicator of a downward trend, others see it as a typical bullish correction.
★In his post on TradingView, Master Ananda clearly stated that Bitcoin is still in a bullish trend, but believes that the peak of 200,000 US dollars is out of reach in this cycle. Instead, he identified 137,000 US dollars as a more realistic bullish target when Bitcoin eventually recovers from the ongoing correction.
On the other hand, the analyst also noted that if Bitcoin maintains its price above 100,000 US dollars or 102,000 US dollars, this drop will be considered mild, with price action continuing to be classified as a bullish continuation and not a collapse.
★If Bitcoin optimists manage to hold prices above that area, it will indicate that the current movement is just a short-term decline. At that point, the trend will shift from short to long-term, and an increase towards 137,000 US dollars will be seen. However, a clear break below the 100,000 US dollar price level will represent a significant change in the time it will take for Bitcoin to reach new all-time highs.
