Are we in Bitcoin’s “longest bear market ever”?

Are we in Bitcoin’s “longest bear market ever”?

Bitcoin It started its second week lateralizing around US$26,000. In fact, it is to highlight that there is very low price volatility after the sharp fall to that level. But various analysts argue that this could be temporary.

Thus, the market expert Michael van de Poppe commented that “prices have been stagnating”, after having witnessed a major crash and the largest cascade of sell-offs this cycle. However, he considers that this calm will end.

“Over the next week there will be a lot of events taking place, so volatility will most likely increase”said the analyst.

This week is the SEC’s deadline to approve, disapprove or Extend Bitwise Spot Bitcoin ETF Application Review.

The analyst said that the price is above the 200-week EMA. Could continue lateralizing or elsebelieves it would drop to the strong psychological level of $19,500-21,500 where it would be in high demand.

Added to this, van de Poppe recalled that, historically, August and September were months of losses for Bitcoin, while October, November and December of gains.

In turn, the trader and cryptocurrency analyst known as Crypto Tony highlighted that the SEC decision on the Bitwase ETF before September 1 leads to a “great start” for the montheven if you extend the review which is what you think will happen as it happened earlier this year.

With this in mind, Crypto Tony envisions, as van de Poppe’s most negative scenario, that Bitcoin falls to the psychological level of $20,000 before the end of the year and start to climb heading into 2024 to a new high.

Finally, the economist and market analyst James Foord also reported that BTC could retest $20,000.

Source: Ambito

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