Crypto analyst Brett, who predicted the top for the Bitcoin price in October, has revealed his new prediction for the flagship crypto. This comes as BTC struggles to hold above $100,000, raising concerns that the bull market is over.
Analyst Reveals What’s Next For The Bitcoin Price
In an X post, Brett stated that if the Bitcoin price starts closing the weekly candle below the 50W MA, then the odds of this being the top increase. Notably, the analyst was the one who earlier predicted that BTC would peak in October, which appears to be the case. The flagship crypto rallied to a new all-time high (ATH) of $126,000 last month and has since been on a decline.
Brett indicated that if the 4-year cycle continues to play out for the Bitcoin price, then between $55,000 and $75,000 would be a good buy zone. This represents a drawdown of between 40 and 55% from the highs. The analyst further opined that it is unlikely that the market will witness a prolonged bear market due to diminishing returns.
However, the analyst admitted that there was also the possibility that the Bitcoin price could go lower. Whatever happens, Brett stated that he is long-term bullish but choosing to respect the four-year cycle in the short term.
Crypto analyst Michaël van de Poppe has offered a different opinion, stating that the four-year cycle is dead. He assured that the crypto market isn’t in a bear market but simply in the middle of a regular correction for the Bitcoin price in a longer bull cycle. Experts such as Bitwise CIO Matt Hougan had before now also declared that the four-year cycle is dead, with BTC’s bull run expected to extend to next year.
BTC Needs To Hold Above $100,000
Crypto analyst Titan of Crypto has indicated that the Bitcoin price needs to hold above $100,000 to avoid losing its bull structure. In an X post, he noted that BTC had touched the monthly Tenkan line at around $101,000 and that this line must hold for the bull market to remain intact. If a breakdown occurs, then the flagship crypto could drop to the Kijun line at around $85,000.
The analyst also outlined the best scenario for the Bitcoin price, stating that it needs to close back inside the rising wedge above $120,000. However, he added that the remaining liquidity below may be grabbed first before BTC trends higher. His accompanying chart showed that the flagship crypto could drop to as low as $79,000 if this were to happen.
At the time of writing, the Bitcoin price is trading at around $101,800, down almost 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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