Bitcoin Price Prediction: Bulls Gear Up for ‘Mega Bounce’ as Bears Eye $50,000 Retest
The post Bitcoin Price Prediction: Bulls Gear Up for ‘Mega Bounce' as Bears Eye $50,000 Retest appeared first on Coinpedia Fintech News
Despite some volatile market conditions, Bitcoin is currently strong at the $61,000 mark. As we approach the weekly close and head into the weekend, the big question is whether more volatility will arise. On Crypto Banter's ‘The Sniper Trading Show', the analyst stays sharp about the long-term outlook for Bitcoin and the broader market.
The big picture: Is a pullback coming?
Despite a rough week where the analyst saw some market gains erased, the overall trend shows Bitcoin in a bullish pattern. This suggests that we could see another rebound that could drop Bitcoin below $60,000. However, he sees this setback as a huge opportunity, expecting a “mega bounce” to come later. The focus is on preparing for this reversal and identifying key support zones for Bitcoin and altcoins.
Who buys dips?
The analyst noted that major institutional players such as BlackRock will continue to buy Bitcoin during price spikes. Just recently, BlackRock bought $36 million worth of Bitcoin. This shows that while the market may be in a bearish position in the short term, major players are confident of future gains. Analysts believe that the fourth quarter may hit new all-time highs despite one more setback.
What to expect next?
In the short term, the analyst predicts another market move before Bitcoin makes the next big move. Interestingly, while Bitcoin may take a hit, he believes altcoins will either hold their ground or make higher lows. The expectation is that Bitcoin will buy, leading to renewed purchasing power and a strong recovery.
The current situation suggests that if there is not enough buying pressure, Bitcoin may drop to lower levels. However, once the buying power kicks in, the market could recover quickly, pushing Bitcoin to $65,000 or more.
