Even though Bitcoin is “up only” temporarily, experienced traders are already getting ready for a sharp spike in price and the ensuing bear market.
This week, Bitcoin is expected to reach $55,000, but there are already signs of a fresh bear market. The price objective for Bitcoin is $55,400, as confirmed by well-known trader Titan of Crypto in his most recent analysis on X (previously Twitter) on February 14.
Bitcoin price: Higher according to Ichimoku analysis
Bulls in bitcoin are still vying for a path to all-time highs, with resistance above $52,000 serving as the current line of battle. Titan of Crypto, reflecting the mood of the market as a whole, predicted that “extremely bullish momentum” might push BTC/USD higher by an additional 6% over the next week.
He uploaded a weekly chart with data from Ichimoku Cloud, showing that two of the three upward targets had already been reached.
“Though $50,900 is a high level, both targets 1 and 2 have been reached. Target 3 at $55.4k is the next step if Bitcoin is able to close a weekly candle above, according to some of the accompanying discussion.
Trader issues a warning about “unhinged greed” affecting Bitcoin.
But looking ahead, worries over a possibly “overheated” market are causing some to expect a decline in the price of bitcoin.
Trader and analyst Credible Crypto said in a lengthy X post that the likelihood of a sudden correction is rising, even if current all-time highs are surpassed and BTC/USD crosses $100,000.
He claims that this is a result of normal market dynamics since nothing can stay in “up only” mode indefinitely, even with significant inflows into spot Bitcoin exchange-traded funds (ETFs).
In the end, he observed, “there is a major crash for every major parabolic rise, and vice versa.”
