Analyst Says Bitcoin is Back in Bulls’ Hands: So What Happens Next?

The leading cryptocurrency, Bitcoin (BTC), has experienced a significant recovery in recent days after suffering sharp declines since October.

With Bitcoin rising from around $67,000 to over $73,000, bullish sentiment has also begun to increase.

At this point, some analysts are warning that the recent rise is a bull trap, while others argue that the bear market is over.

CryptoReviewing, the pseudonymous co-founder of the cryptocurrency trading platform Wealth Capital, stated that the recent surge has completely changed the scenario for Bitcoin.

“The bulls have regained control,” the analyst said, adding, “The bears have been completely eliminated.”

According to the analyst, there is a significant liquidity zone between $73,000 and $75,000 that could potentially trigger further upside.

However, there is approximately four times more liquidity accumulated in the $65,000 – $71,000 range. This increases the likelihood that $65,000 will be the next area tested in terms of liquidity.

Keith Alan, co-founder of Material Indicators, shared similar views.

Accordingly, Keith Alan also stated that a lasting and reliable trend change in Bitcoin requires a healthy consolidation phase.

At this point, Alan argued that the next support level, $65,000, should be tested.

“It would be healthy to test the support level as soon as possible, but I’m not sure how long it will take the market to do so.”

However the test of this support unfolds, I think the longer the gradual rise takes, the more likely the rally is to be.”

Despite the recent rise, Alan argued that bearish signals still persist and that a decline would be healthier.

*This is not investment advice.