Has Bitcoin entered the bear market after hitting all-time highs? What 4 popular analysts have to say
Popular cryptocurrency analysts see Bitcoin (CRYPTO: BTC) continues to rise even as the apex cryptocurrency retreated after hitting all-time highs this week.
What happened: Kaleo, a pseudonymous technical analyst, told his more than 409,000 Twitter followers that users could miss out on huge profits if Bitcoin’s “last plunge” to $ 65,288 scares them.
#Bitcoin / $ BTC
If one last dip at the top of that range scares you, probably ngmi pic.twitter.com/iwBWsfs68T
– KALEO (@CryptoKaleo) October 21, 2021
Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe rejected speculation that Bitcoin was entering a bear market. Instead, he believes the cryptocurrency is at the start of a massive second round of the current bull cycle.
No, we are not going into a bear market.
We are at the start of a massive second round of this bull cycle.
– Michaël van de Poppe (@CryptoMichNL) October 21, 2021
See also: How to buy Bitcoin (BTC)
Justin bennett, a cryptocurrency analyst and trader with more than 82,000 Twitter followers, noted that if Bitcoin’s close on Thursday below $ 64,000 could result in “a few days of pain,” the cryptocurrency could then find a support in the range of $ 58,000 to $ 60,000.
Probably a few days of pain for $ BTC given Thursday’s close below $ 64,000.
$ 58,000 – $ 60,000 is the next key support area.
– Justin Bennett (@JustinBennettFX) October 22, 2021
Another pseudonymous cryptocurrency trader followed closely Pentoshi told its 319,000 Twitter followers that Bitcoin could hit the $ 180,000 level in the first quarter of next year.
180k per Q1 or the market is wrong $ btc https://t.co/cWc7sl2tq2
– Pentoshi won’t beg you. hate Dm. DMs are scams (@ Pentosh1) October 20, 2021
Why is this important: Bitcoin, the largest cryptocurrency by market cap, hit an all-time high of $ 66,930.39 on Wednesday as part of the momentum given by the launch of the first US ETF based on Bitcoin futures, ProShares Bitcoin Strategy ETF (NYSE: BITO).
The cryptocurrency’s gains since the start of the year stand at 115.01%.
Price Action: Bitcoin has fallen 2.8% in the past 24 hours, trading at $ 63,015.66 at press time.
Read More: Could ‘Bitcoin $ 69,420’ Be A Cryptocurrency Signing Event?