Has Bitcoin Entered Bear Market After Surging To All-Time Highs? What 4 Popular Analysts Have To Say
Popular cryptocurrency analysts see Bitcoin (CRYPTO: BTC) rising further even as the apex cryptocurrency retreated after charting all-time highs this week.
What Happened: Kaleo, a pseudonymous technical analyst, told his more than 409,000 followers on Twitter that users may miss out on huge profits if Bitcoin’s “one last dip” at the $65,288 range frightened them.
If one last dip at the top of this range scares you, probably ngmi pic.twitter.com/iwBWsfs68T
— K A L E O (@CryptoKaleo) October 21, 2021
Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe dismissed speculation that Bitcoin was entering a bear market. Instead, he believes that the cryptocurrency is at the beginning of a massive second run of the current bull cycle.
No, we're not entering a bear market.
We're at the start of a massive second run of this bull cycle.
Stay focused.
— Michaël van de Poppe (@CryptoMichNL) October 21, 2021
See Also: How To Buy Bitcoin (BTC)
Justin Bennett, a cryptocurrency analyst and trader with more than 82,000 Twitter followers, noted that while Bitcoin’s Thursday closing below $64,000 might result in a “few days of pain,” the cryptocurrency could next find support in the $58,000 to $60,000 range.
Probably a few days of pain for $BTC given Thursday's close below $64,000.
$58k – $60k is the next key support area.
— Justin Bennett (@JustinBennettFX) October 22, 2021
Another closely-followed pseudonymous cryptocurrency trader Pentoshi told his 319,000 followers on Twitter that Bitcoin could touch the $180,000 level in the first quarter of next year.
180k by Q1 or market is wrong $btc https://t.co/cWc7sl2tq2
— Pentoshi Won’t Dm You. hates Dm’s. DM's are scams (@Pentosh1) October 20, 2021
Why It Matters: Bitcoin, the largest cryptocurrency by market capitalization, hit an all-time high of $66,930.39 on Wednesday amid the momentum imparted by the launch of the first U.S. Bitcoin futures-based ETF, ProShares Bitcoin Strategy ETF (NYSE:BITO).
The cryptocurrency’s year-to-date gains stand at 115.01%.
Price Action: Bitcoin is down 2.8% during the past 24 hours, trading at $63,015.66 at press time.
Read Next: Could 'Bitcoin $69,420' Be A Signature Meme Event For The Cryptocurrency?
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