Crypto analyst Captain Faibik has announced that the Bitcoin price is still very much bearish despite the recovery. This comes after the market sentiment shifted as the Bitcoin price began to surge last week and then eventually claimed the $70,000 resistance, turning it into support again. Despite a lot of Bitcoin investors turning bullish off of this, the crypto analyst is still not convinced, believing that the current uptrend us actually only temporary.
Why The Bitcoin Price Is Still Bearish Despite Reaching $73,000
Last week, the Bitcoin price surged high, rising more than 5% and reaching $73,000 before meeting resistance. This has naturally led to more positive sentiment after weeks of negative sentiment, bringing a much-needed relief rally to investors who have suffered major losses.
Despite this, Captain Faibik does not believe that this calls for celebration and is instead choosing a very conservative stance. As for the current uptrend, the crypto analyst believes it could eventually continue, putting a possible peak right between $77,000 and $78,000 due to the liquidity there.
Other than this liquidity grab, there seems to be nothing else suggesting that the bitcoin price has turned bullish. Even after the push upward to get liquidity, the next direction is expected to be downward, triggering a possible 20% correction in this regard. This correction, as the analyst explains, could lead the price to push back into the $54,000-$56,000 area.
If this trend does play out and the price does push this low, it could mean a new cycle low for the digital asset. This will erase the current cycle support, which still lies at $60,000. Nevertheless, the crypto analyst points this out as a possible play, saying that the bears are actually still in control of the Bitcoin price.
Despite being bearish on Bitcoin, the crypto analyst remains bullish on the altcoin market. He explains that while stabling most of his funds, a good chunk (30%) is currently sitting in the altcoin market, which the analyst expects to be be more bullish than Bitcoin from here. According to the analyst, investors need to be patient and wait for confirmation first before making a move.
Featured image from Dall.E, chart from TradingView.com
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