While many crypto analysts predict new Bitcoin (BTC) all-time highs by June, Markus Thielen said in an April 14 markets report that he is skeptical, pointing out that onchain data signals “more of a bear market environment than a bullish one.”Short-term indicators signal potential market topThielen said the Bitcoin stochastic oscillator — which compares a particular closing price to a range of prices over a specific period to determine momentum — shows patterns “more typical of a market top or late-cycle phase rather than the early stages of a new bull run.”Bitcoin is trading at $83,810 at the time of publication.
Source: CoinMarketCap“As a result, short-term signals are not aligning with longer-term indicators, highlighting the disconnect in the market outlook,” Thielen said.“Bitcoin is no longer a parabolic ‘Long-Only’ retail-driven market,” he added, explaining it now “demands a more sophisticated, finance-oriented approach.”“Bitcoin’s rally over the past year hasn’t been driven by typical ‘crypto-bro’ speculation but by long-term holders seeking diversification and adopting a buy-and-hold strategy,” Thielen said. Over the past 12 months, Bitcoin is up 32.80% and is trading at around $83,810 at the time of publication, according to CoinMarketCap.
Swan Bitcoin CEO Cory Klippsten told Cointelegraph in early March that “there’s more than 50% chance we will see all-time highs before the end of June this year.”Sharing a similar view, Bitcoin network economist Timothy Peterson and Real Vision chief crypto analyst Jamie Coutts have also marked June as when Bitcoin could reach a new high.“It is entirely possible Bitcoin could reach a new all-time high before June,” Peterson said.
or
Share This Story
Article Details
Author / Journalist: Cointelegraph by Ciaran Lyons
The story "Bitcoin’s wide price range to continue, no longer a ‘long only’ bet — Analyst" has 495 words across 15 sentences, which will take approximately 3 - 5 minutes for the average person to read.
Which news outlet covered this story?
The story "Bitcoin’s wide price range to continue, no longer a ‘long only’ bet — Analyst" was covered 5 days ago by Coin Telegraph, a news publisher based in United States.
How trustworthy is 'Coin Telegraph' news outlet?
Coin Telegraph is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United States and publishes an average of 10 news stories per day.
It's most recent story was published 11 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
