Bitcoin price action has been indecisive of late. it has now breached the $33,700 resistance level. BTC price has shown some respite after falling below $30k for the first time since the meltdown. It is currently selling at roughly $34,500 and is unsure where it will head next.
Market players do not have a clear understanding of the nature of BTC’s current run at this time. When in doubt, though, the best thing to do is zoom out and take a look at the larger picture. In this light, Bitcoin appears to be in the midst of a “small bear cycle” within its bigger “bull cycle.”
Crypto analyst Bitcoin Jack has also opined on the matter. He says that the low of the mini bear will happen in July with a second buy opportunity in August or September.
He also pointed out that the mini-range, for now, is enclosed within the $32k to $36k range and this lays the door for Bitcoin to maintain its larger trend if it endures another bout of ranging.
According to the expert, the effects of the same and another likely scenario are as follows:
“If we claim that (exit fish pattern), I expect further ranging for summer, between $32k and $50k. If we reject it, I expect either a capitulation in July or a rounded bottom into August (fish pattern), filling range 3 (partially).”
BTC Price to Hit a New ATH in September!
He later added to his thread some insights regarding the ongoing correction and how long it is going to last.
The current drop appears to be a portion of wave 4, as shown in the chart above, and the market is “missing a 5th wave,” according to the analyst.
It should be remembered, however, that the momentum required to maintain the larger trend will take time to build. Other major purchase possibilities, according to the expert, is
“So either, with time, it becomes clear that downside risk is theoretically over and an intra range dump becomes the clear opportunity, or capitulation in the fourth wave unfolds and it’s also a clear buy opportunity.”
Finally, the expert stated that the fourth wave correction is still ongoing. According to the analysis, the next ATH time frame could be September, considering the hypothesis and time projections.