Analyst Says Bitcoin Has Entered The ‘Thrill’ Phase, Here’s What To Expect Next
Cryptocurrency Analyst Ash Crypto Revealed that Bitcoin has entered a “thrilling” stage. The analyst further explained what to expect from the future of the flagship cryptocurrency as it enters this phase of the bull market.
What to expect from Bitcoin during its ‘exciting’ phase
Ash Crypto revealed in an X post that Bitcoin is entering an exciting phase. Based on this, he told market participants to expect high volatility and more liquidations. Overall, analysts say that Bitcoin price will trend upward as it continues to rise. All Time High (ATH). He expects BTC to rise to $150,000.
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The chart he attached shows that the excitement phase of the market cycle is when investors and traders may get overly excited about a bull rally and decide to go all-in with leverage. However, as Ash Crypto points out, this can go wrong as there will be massive liquidations during this period.
Although this was a bull market, Bitcoin price corrected at various times after reaching new highs and eliminating overleveraged bulls in the process. Alex ThorneThe head of research at Galaxy Research also explained earlier this year that the bull market is not a straight line and major price corrections are expected.
However, over the long term, bears get hurt in bull markets as prices rise. Cryptocurrency Analyst Ali Martinez It was recently revealed that if Bitcoin rebounds to $93,000, more than $800 million will be liquidated. This is the price level BTC reached just two days ago when it rallied to a new high of $93,400.
Since then, Bitcoin prices have corrected and dropped below $90,000. This is partly due to US PPI inflation datahigher than expected. The development casts some doubt on the Fed’s willingness to cut interest rates further in December.
Will there be more price adjustments in the near term?
Ali Martinez said that Bitcoin prices may fall further in the short term. The cryptocurrency analyst said in a post on X Daily Relative Strength Index (RSI) Showing that Bitcoin is in overbought territory, this usually signals a possible price correction in the future.
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This price correction can also occur when Bitcoin investors seek profits. Martinez revealed that BTC has achieved $5.2 billion in profits and the seller’s risk ratio has soared to 0.524%. He warned market participants to remain vigilant and exercise caution. government of bhutan Whales have already reaped profits, having recently sold $33 million worth of Bitcoin, and just a few weeks ago they sold $66 million in Bitcoin.
According to statistics, as of this writing, Bitcoin price is around $87,780, down more than 2% in the past 24 hours data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
