At the moment, the bitcoin market is in an uncertain situation. On the one hand, the price of the main coin remained low for several weeks, on the other hand, some indicators (for example, growth in company entries and changes in illiquid supply) form a positive picture.
Currently, market participants do not have an unambiguous opinion about the nature of the run of BTC. When in doubt, it is best to zoom out and look at the big picture. From this perspective, Bitcoin appears to be in a “mini bear cycle” as part of its larger “bull cycle”.
Commenting on such statements, a trader and market analyst at Bitcoin Jack noted:
«I think the mini bearish cycle will take place in July, with a second buying opportunity in August / September.»
If this is a mini bear cycle within the bull cycle (hypothesizing shit is not over), my best guess is that the low of the mini bear will happen in July with a second buy opportunity in the consolidation in August/September 1
– //Bitcoin 𝕵ack 🐐 (@BTC_JackSparrow) June 23, 2021
The analyst also said that Bitcoin is currently in the range of 32 to 36 thousand dollars. According to the trader, Bitcoin has the opportunity to continue its growth:
“If we accept this (the out-of-fish model), I expect that in the summer we will continue to fluctuate between $ 32,000 and $ 50,000. Otherwise, I expect to either surrender in July, or a round bottom until August, filling range 3 (partially). «
As shown in the chart below, the ongoing correction appears to have been part of wave 4 and, according to the analyst, the market is «missing a fifth wave.»
“As an addition to my tweet yesterday, I think we are missing the 5th wave and it is very likely that the 65K correction is the 4th wave.
The bullish trend has not yet dried up and the game is to survive, patiently increasing the risk for the fifth wave position. ”
To add to my tweet yesterday, I think we are missing a 5th wave and that it is very likely that the correction since 65K is our 4th wave correction
Bull ain’t over imo and the game is to survive whilst patiently building risk to position for the fifth
– //Bitcoin 𝕵ack 🐐 (@BTC_JackSparrow) June 24, 2021
It should be noted that the momentum needed to continue the larger trend should strengthen. The analyst also listed other purchase options:
“Over time, it will become clear that the downside risk has passed and a collapse within the range will turn into a clear opportunity, or a surrender in the fourth wave will occur, and this is also a clear buying opportunity.”
In conclusion, the analyst once again confirmed that the correction of the fourth wave has not been completed. As for the next all-time high, he believes that «September will be the turning point for the new ATHs.»
