Despite the end of the long-term bear market trend in the encryption market, a well-known analyst believes that excitement is still too early, because Bitcoin may push up again before reaching significant resistance, which he calls "an important return." .
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Bitcoin prices stabilized at $5,300
At the time of this writing, Bitcoin rose nearly 2% at the current price of $5,240, and only slightly fell from the recent high of $5,300, with Bitcoin's current price low of $3,800.
Although Bitcoin has barely shown any obvious signs of a bearish price movement in the near term, Josh Olszewicz, a popular cryptocurrency analyst on Twitter, recently explained that he did see a slight reversal in bitcoin prices.
Despite this, Olszewicz further added that Bitcoin is likely to continue to soar, paralleling the current price volatility of Bitcoin and the overwhelming bullish price action of Litecoin last month.
"The important thing is to pay attention to the possibility of reversal, but the continuation is not impossible. The Litecoin has the same situation last month, but it continues to rise. I will not recommend long positions here and will not short, more inclined to analyze, Instead of reasoning through the bull market continuation," he explained.
Analyst: Bitcoin prices will pull back or rise again
Although Bitcoin may have laid the groundwork for its recent bullish price action, one analyst believes that bitcoin prices will see a major correction in the near future.
Lucid TA, another popular post-encryption analyst on Twitter, recently explained the hypothesis. He said he expects bitcoin prices to move up to $5,800 again before he can face significant resistance and pull back its price to 4500. Dollar.
As this week continues and bitcoin price volatility, investors will be better able to understand whether the “cryptocurrency bear market” really ends, or whether there are more ammunition in the bears to push the market lower. (answer)