Crypto analyst Kevin Capital has suggested that the Bitcoin price may be in trouble. This follows his revelation that a bearish pattern that once led to a market crash in the last cycle has returned for the flagship crypto.
Bearish Divergence That Led To Market Crash Returns For Bitcoin Price
In an X post, Kevin Capital revealed that the bearish divergence that led to the market crash in the last cycle has returned for the Bitcoin price. He highlighted how bearish this pattern is, noting that the only chart that keeps him up at night at the moment is the bearish divergence on the weekly time frame for BTC.
He noted how this pattern formed for the Bitcoin price at the same time it did in the last cycle, causing a big dip back then. However, the crypto analyst then alluded to what happened after the market crash as BTC recovered following this period. As such, he suggested that there was no need to be worried although he advised market participants to prepare through it if this bearish pattern plays out this way.
However, amid the revelation of the bearish pattern, crypto analyst Titan of Crypto has provided some optimism for the Bitcoin price. In an X post, he stated that BTC’s mark-up phase is beginning and that the short consolidation appears to be wrapping up. His accompanying chart showed that BTC could rally to as high as $117,000 next.
Crypto analyst CobraVanguard also provided a bullish outlook for the Bitcoin price. He stated that BTC has entered an ascending phase after its cup-and-handle formation at $105,000. He predicted that the flagship crypto could rally to as high as $123,000 following the formation of this bullish pattern. The crypto analyst also predicted that BTC could top around $260,000 in this market cycle.
Monthly Close Provides Bullish Outlook For BTC
The January monthly close has provided a bullish outlook for the Bitcoin price. In an X post, crypto analyst Mikybull Crypto noted that the good monthly close has invalidated the shooting star candle. He added that the cycle top is not in yet based on this. His accompanying chart showed that BTC could rally to $144,129 soon enough.
Meanwhile, prior to the monthly close in January, Titan of Crypto mentioned that the Bitcoin price looks strong on the monthly chart from an Ichimoku perspective. He added that the price is holding above all lines, with both the lines and Kumo cloud trending upward. There is also a lot of optimism heading into February, as this month is historically bullish for the crypto market.
At the time of writing, the Bitcoin price is trading at around $102,400, down over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from TradingView
Source: NewsBTC