Crypto expert Crypto Bully shared his main case for Bitcoin and what to expect before the flagship crypto rallies above $100,000. This comes as BTC continues to struggle to hold the $70,000 resistance intensification of tension in the Middle East.
Analyst shares key case for Bitcoin
In one X postCrypto Bully argued that the exact path and level of Bitcoin is not important in the long run, except for immediate support and resistance level. The analyst shared key points, including the observation that negative tests have not worked for some time. He pointed to the level of $85,000, which he noted is logically lower than the previous value, which was generated before further collapse due to extensive selling.
Related reading
However, the analyst suggested that the downward trend is not over and noted that the bottom of a bear market it takes months, not weeks. His accompanying chart showed that Bitcoin could fall to $50,000. In the short term, he predicted that the flagship crypto could drop to $65,000. As for BTC’s upside prospects, Crypto Bully stated that a break from current levels near $72,000 could easily lead to a rally to $85,000.
He explained that given the strength that the flagship crypto has shown amid geopolitical turmoil, a Bitcoin rally to $85,000 is possible. The analyst added that aggressive inflows into BTC ETFs have not gone away during this period. SoSoValue information shows that Bitcoin ETFs recorded a net income of 767 million dollars this week.
Crypto Bull said the best DCA strategy is to buy Bitcoin when it drops from $65,000 to $50,000. He revealed that his average purchase is currently around $67,000.
BTC is not down yet
A CryptoQuant analysis noted that the bottom of Wikipedia is “not so much”. The analysis showed that despite the stability of BTC between geopolitical tensioninformation about the chain shows that the leading crypto is in a critical phase of “stress testing”. It added that the winding down process could take a long time and institutions are the main investors during this period.
Related reading
The analysis also suggests two ways to a Below for Bitcoin. The first way is a potential Black Swan that could lead to a crash, force a liquidation, and wipe out expensive “new money.” CryptoQuant noted that this is the fastest way to a solid floor, which can take one to two months to form.
The second path is longer and involves a scenario where Bitcoin trades between $60,000 and $80,000 a year, allowing the new currency to become a long-term owner. In this way, the bear market may extend until the end of 2026 or the beginning of 2027.
At the time of writing, the price of Bitcoin is around $71,000, which has fallen in the last 24 hours. information from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
