đ„đ„Crypto Expert: Bitcoin Will Likely See 'Medium-Term Correction': Bull Market 'Just Taking a Break'
Popular #Bitcoin (CRYPTO: #BTC ) trader Stockmoney Lizards has gone viral with an âunbiased analysisâ of the upcoming potential Bitcoin price movement.
What Happened: In a thread on X (formerly Twitter), the trader's analysis takes into account Bitcoin's chart patterns.
While there are bullish factors such as Bitcoin's recovery after the first touch of the old peak and recovery after halving, the current chart pattern follows a classic Wyckoff distribution. This indicates a potential corrective move to the downside, fueled by more negative news and leading to a medium-term bearish outcome.
It is emphasized that other factors such as the triple top pattern, decreasing momentum and a broken and retested neckline also contribute to the medium-term bearish outlook.
Why It Matters: The analysis highlights macroeconomic factors, noting that the latest core retail sales figures rose by 1.1%, pointing to a pick-up in inflation. The trader predicts that the Federal Reserve is unlikely to cut interest rates, creating fears of further hikes among consumers and a short-term Decelerating outlook for Bitcoin.
In addition, a counterattack from Israel has not been fully priced in, and if this happens, the markets will probably fall, as such scenarios have historically underscored the correction.
In addition, the analysis reveals that large institutions have stopped their purchases and ETF inflows are at an all-time low. This shows that these institutions are expecting difficult times in the market. Even the Hong Kong ETF approval could not sustain the peak for a long time and a sell-off was seen immediately.
As a result, despite the clear bullish signs, there are strong signals of a potential medium-term correction for Bitcoin, depending on the news feed. This situation may lead to an increase in BTC dominance and a decrease in altcoins.
