Bitcoin traders caution that near-term weakness could send BTC price to new lows below $30,000, but most agree that the move would simply motivate investors to accumulate.
) bulls were thwarted in an attempt to regain support at $40,000 on Monday as revelations about the upcoming executive order and the ongoing conflict in Ukraine tanked the market and dropped BTC to a low of $37,155.Here’s what several analysts in the market are saying about the outlook for BTC and whether or not crypto traders should prepare for an extended bear market.
Technical evidence that the BTC price could soon mount a recovery was highlighted by crypto trader and host of The Wolf of All Streets podcast Scott Melker, who An attempt to put those concerned with the possibility of a bear market at ease was made by crypto analyst and pseudonymous Twitter user ‘Plan C’, who posted the following chart and suggested that “people need to stop spreading misinformation.”“Bitcoin is NOT in a bear market. Above 29k=Mid-Cycle Accumulation. Below 29k=Bear Market.
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