- Bitcoin bull market is not over yet, BTC still heading for higher highs.
- Some analysts expect another harsher market dump before BTC price recovers.
- Despite the many bullish indicators, it is still unclear how BTC will react.
The crypto community remains torn between hopeful for a steady BTC recovery and certain that a greater dip may befall the crypto market. Some traders believe the bull market is over but seasoned traders remain positive, they believe that the Bitcoin bull market is not over yet and continue to highlight the many bullish signals that rise in the BTC price chart.
Several Bullish Signs Appear on the BTC Price Chart
One such bullish signal on the BTC price chart is the Bitcoin descending broadening wedge pattern. As we can see from the post above, the analyst says this bullish pattern is appearing on the daily chart and could read to a steady upward rise. So far, BTC price has been struggling to break out of its sideways movement in the lower $80,000 price range.
Can this Bitcoin descending broadening wedge pattern finally lead to a breakout for BTC price? Is a recovery imminent for the crypto market? Some analysts believe this to be a false recovery and attribute it to major market manipulation. One of the most bullish analysts recently turned bearish and expects a much harder price decline for BTC before a true reversal.
Bitcoin Bull Market Not Over Yet
According to one analyst however, there is one clear sign that can determine that the Bitcoin bull market will continue to strive. As we can see from the post above, the analyst highlights this one key metric to be the 38.2% Fibonacci retracement level. He states that as long as BTC remains above this level then the bull market will continue.
