Bitcoin 
$110,521.68 The drop in price brought painful losses in many altcoins today. Altcoins are now heading towards the same bottoms, before the wounds of the October 10 drop have fully healed. Moreover, BTC is above 106 thousand dollars. What about bears? cryptocurrency What are the reasons why he thinks his bull is over? What are the predictions shared by analysts after today’s decline?
The Cryptocurrency Bull is Over
Reaching a new ATH level on October 6 BTC Just a few days later he experienced his nightmare. Now it continues to find buyers at 20 thousand dollars below the peak. Analyst Jesse Olson pointed out the MACD bear intersection, which was also noted by different analysts, and said that the bull markets are over. The MACD crossover on the 3-week chart negatively affects the long-term outlook and indicates that the peak has now been reached today, just as it foreshadows the 2017/2021 cycle peaks.
Mister put forward the second important reason. Similar to the 1064 days story, it focuses on historical day ranges. If we look at the 2012 and 2016 halving cycles, BTC reaches its peak in 518-580 days after the block reward halving. How long has it been for Bitcoin? Exactly 558 days, that is, a maximum of 40 days left for the summit according to historical data.
Different analysts say that there are 1064 days between the bear bottom and the BTC peak, saying that we are seeing the same thing again, but basically what they are trying to say is the same. So this is the second biggest reason why bears expect a decline.
But history doesn’t have to repeat itself. For example, ETFs or cryptocurrency treasury companies, banks entering the crypto business, the US crypto coins Granted, the Fed continues to reduce interest rates, that is, in response to these 2 historical data, I can tell you things for hours about why bull markets should not end. If we put the reasons of the bulls and the bears on opposite sides of the scale, the reasons of the bulls will prevail because in no previous cycle has Bitcoin been in the middle of the “transformation of finance” phase.
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Analysts’ Commentary on Bitcoin
DaanCrypto discussed October with the last drop and pointed out that the largest liquidation in history occurred in this month. The interesting thing is that the price has remained almost constant since the beginning of the month. Although we cannot say the same for altcoins, the analyst speaks positively about this situation, which “shows that remaining stable in the spot is a good thing.” He argues that there is no room for panic.
The analyst nicknamed Rager wrote:
“Everyone’s pretty emotional right now. In the past few months, we’ve had 4 days in a row.” of BTC It’s the longest time in a row we’ve ever seen it turn red. “Maybe a bounce and a higher bottom may be seen before the end of the weekend.”
