Support Zones After Bitcoin Price Breaks $55K
According to analyst Peter Brandt, the bears are gaining the upper hand in the crypto market. He believes that Bitcoin is in a “megaphone” pattern and BTC price could retest the low of around $46,000.
He believes that the market is lacking enough catalysts to push the market back to an uptrend, similar to the launch of the Spot Bitcoin ETF earlier this year.
Arthus Hayes agrees and has even publicly stated that he is holding a short position. He expects BTC price to fall below $50,000 by the end of this week.
Another popular analyst, Michael van de Poppe, said that BTC price will tend to re-accumulate in the $53,000 - $54,000 price range before “spiking back up”.
In addition, the fact that the market size has grown much larger than in previous years has also made many experts doubt that BTC will find it difficult to reproduce the brilliant growth cycles of previous years.
