Crypto analyst Snow, who called the Bitcoin top, has declared that BTC will not reach $116,000 in the next year. He made this comment while downplaying the recent market recovery, claiming it was merely a dead-cat bounce.
Analyst Says Bitcoin Will Not Break Above $116,000 In The Next Year
In an X post, Snow stated that the algorithm is printing a new ceiling, which is why Bitcoin will bounce, but that it will not breach $116,500 in the next 365 days. He further warned that this is simply a Dead Cat Bounce structure, which is why the analyst believes traders shouldn’t get their hopes up for sustained bullish momentum.
Snow had rightly called the Bitcoin top, selling the flagship crypto when it was trading around its current all-time high (ATH) of $126,000. The analyst’s latest comment comes amid BTC’s rise above $90,000, which has provided optimism that the bull market may still be in play, with an extended market cycle a possibility.
However, the analyst asserted that the “Supercycle” narrative is a lie sold to market participants by those who need them to hold their bags. He also revealed that he is looking for shorts, not longs, as he still expects BTC to crash further. Crypto analyst Colin also recently suggested that the current market recovery is a Dead Cat bounce.
The analyst stated that there is an 80% chance that BTC is already in a bear market. Meanwhile, he noted that there is only a 20% chance the flagship crypto will hit a new all-time high on this bounce. However, Colin predicted that Bitcoin could reach between $100,000 and $115,000 on this recovery.
BTC Rally About To Start
Crypto analyst Titan of Crypto indicated that Bitcoin is about to witness a rally that could see it break above the psychological $100,000 level. This came as he noted that a rally usually follows 10-day Stochastic RSI bullish crossovers. However, the analyst added that the real question is whether this rally will be strong enough to break the ATH or whether it is simply a Dead Cat bounce confirming the end of the bull market.
The analyst had revealed that he is currently 80% bearish and 20% bullish. However, crypto analyst CrediBULL Crypto believes the bull market is still on as long as Bitcoin doesn’t drop below $74,000, which he highlighted as the key high-timeframe level. With the monthly close approaching, the analyst stated that a close above $93,000 would be a positive sign, while one above $102,000 would be “incredibly bullish.”
At the time of writing, the Bitcoin price is trading at around $91,450, up in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pngtree, chart from Tradingview.com
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