Contrarian Bitcoin analysts pinpoint three reasons why they are still bullish on BTC price for the short and long-term.
Bitcoin’s (BTC) dip below $29,000 on June 22 rocked the markets a handful of analysts to call for a potential drop below $20,000. Many traders on crypto Twitter were focused on the formation of a death cross on the Bitcoin chart as an omen for another potential drop in the price but analysts with a more contrarian point of view look at this chart pattern as a signal that it is time to buy the dip. The ultimate thread on #BTC deathcross and cycle data analysis1) Historical #deathcross until #goldencross time (in days) + largest price swing since deathcross begins:2011: 180 D, -59%2014: 90 D, +83% 2014: 390 D, -63%2018: 360 D, -55%2019: 105 D, -29%2020: 50 D, +66% pic.twitter.com/8JmbtnFLGJ— venturefoundΞr (@venturefounder) June 17, 2021
Three reasons why some traders still see a bull case for Bitcoin include the appearance of the "spring” stage of the Wyckoff accumulation model, steady buying by long-term holders and the formation of a bear trap at the golden ratio that is similar to moves seen during previous bull runs.