Crypto analyst Crypflow has explained what the Bitcoin relief rally above $71,000 means for the leading crypto and hinted that BTC could still drop lower. This came as the analyst alluded to the previous bear markets and how recent rallies are mirroring price action in past cycles.
Analyst Warns Relief Rallies Are Getting Weaker Amid Bitcoin’s Rally Above $71,000
In an X post, Crypflow stated that Bitcoin relief rallies are weakening and that every bear market has them. He noted that during the 2014 bear market, BTC saw relief rallies of up to 100% while in 2018, it saw rallies of between 50% and 90%. These relief rallies weakened during the 2022 bear market, as Bitcoin saw relief rallies of only up to 45%.
Related Reading
The Bitcoin relief rallies in this cycle have again weakened, with the largest rally so far 26%. Crypflow noted that each cycle, these relief rallies lose strength, but that doesn’t mean that BTC can’t go higher in the short term. However, he warned that there is still significant resistance above, suggesting the leading crypto could drop further before it finds a bottom.
Bitcoin recently rallied above $73,000 as the U.S.-Iran peace talks took place over the weekend. However, the leading crypto has since retraced to around $71,000 as peace talks between the U.S. and Iran broke down. Trump also announced that the U.S. will impose a blockade in the Strait of Hormuz following the failed peace talks.
Meanwhile, crypto analyst Benjamin Cowen stated in an X post that Bitcoin will very likely remain in a bear market, despite short-term countertrend rallies. He added that the hardest part of mid-term years is just not believing in every single rally.
A Large Downside Move In The Coming Weeks
Crypto analyst Doctor Profit stated that he expects a large downside move in the coming weeks and that it should not take much longer, as the move is very close. The analyst added that he also expects a large trap for bulls, which market makers will use to push Bitcoin lower into the $50,000 range and even further afterward.
Related Reading
Doctor Profit declared that Bitcoin has not bottomed out and that the only question is how high the relief rally will be before it continues its downward momentum. He stated that the probability of a relief rally to $76,000 before rejection is extremely high. Meanwhile, the probability of a rally to between $79,000 and $84,000 is medium. The analyst also predicted a massive crash for the S&P 500 within the next two months.
At the time of writing, the Bitcoin price is trading at around $71,000, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
💸 Earn Instantly With This Task
No fees, no waiting — your earnings could be 1 click away.
Start Earning
