Bitcoin

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The post <a href="https://coinpedia.org/price-analysis/this-analyst-is-bearish-on-bitcoin-in-times-when-btc-price-is-on-its-way-to-60000-but-why/" rel="noopener noreferrer nofollow">This Analyst is Bearish on Bitcoin in Times When BTC Price is on its way to $60,000-But Why?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
The crypto markets have been bullish since the beginning of the last quarter of 2023 when the Bitcoin price rose above the consolidation zone between $25,000 and $27,000. Despite the bears trying hard to restrict the rally, the bullish sentiments surrounding the crypto assisted the token in maintaining a healthy upswing. Now that the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">BTC price</a> has surged above $50,000, some believe the token may again trap the bulls as it did during the 2021 bull run.&nbsp;
One of the popular analysts, known to be bearish on Bitcoin on many occasions, still foresees a rejection at $50,000. <a href="https://twitter.com/CryptoCapo_/status/1757094404974678065" target="_blank" rel="noopener noreferrer nofollow">Il Capo of Crypto</a> considered the Wyckoff distribution method and says that the price may face a bearish pullback soon as it has reached the upthrust after distribution. Hence, he believes that the BTC price could go as low as $35,000 once the rejection is validated.&nbsp;
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The analyst was bullish on Bitcoin after the token soared above $40,000, which was the level that displayed the major sign of weakness according to the pattern. Therefore, the analyst did believe the price would rebound and reach the milestone of $50,000 soon. Now that the market participants have become bullish on Bitcoin, Capo says to his 806,100 followers that the token could face a remarkable rejection.&nbsp;
<blockquote class="wp-block-quote">
 “I was bullish short-term from $40K because there were possibilities of reaching $50K. It just got hit. Now What?
 I’m expecting a rejection of BTC from the $50K level while alts keep pumping more, forming a divergence. After that, the entire market should reverse,”
</blockquote>
Therefore, the analyst believes that the altcoins may gain momentum from now on while the BTC price could remain stagnant for a while, followed by a bearish pullback. When asked about the next plan of action, Capo said that the Bitcoin (BTC) price May first re-visit the levels around $30,000, not at once but step-by-step.&nbsp;

This Analyst is Bearish on Bitcoin in Times When BTC Price is on its way to $60,000-But Why?

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