- Despite recent market volatility, a prominent Bitcoin trader known as “Titan of Crypto” has asserted that the bull market is not over.
- Using data from the BTC/USD daily chart, the trader has identified continued momentum in the Bitcoin uptrend.
- Bitcoin experienced a significant drop below the crucial $60,000 support level earlier this week, sparking fears of a potential bear market.
A renowned Bitcoin trader, Titan of Crypto, has used technical analysis to argue that the current Bitcoin bull market is not over, despite a significant drop below the $60,000 level. This article delves into the trader’s analysis and the implications for Bitcoin’s future.
“Titan of Crypto” Predicts Continued Bull Market
A well-known Bitcoin trader, identified as Titan of Crypto, has recently stated that the bull market is not over. In a post, the trader used data from the BTC/USD daily chart to argue that there is still momentum in the Bitcoin uptrend, despite several calls for the beginning of a bear market from some crypto users. The trader’s analysis included a screenshot of the BTC/USD daily chart with a pair of moving average indicators, identified as MA111 and MA350*2.
Technical Analysis Highlights Bullish Signals
In his technical analysis, Titan of Crypto identified several significant areas on the chart where Bitcoin reacted uniquely to the indicators. He highlighted a “Real Breakout” and two “Retest Points,” along with a point where the indicator signaled a price “Rejection.” The trader concluded that there is still substantial momentum in Bitcoin’s upside movement, despite the recent pullback. He believes the bullish momentum will continue until the MA111 line crosses above the MA350*2.
Bitcoin Drops Below $60,000
Bitcoin broke below significant support early this week, dropping below the critical $60,000 level. This drop followed a prolonged sideways movement after Bitcoin reached a new all-time high (ATH) of $73,794 in the middle of March. The latest drop marks the most significant one-sided movement since the latest Bitcoin halving on April 19. The nature of the drop has injected Fear, Uncertainty, and Doubt (FUD) into the Bitcoin market, with many users suspecting a fresh bear market is emerging.
Conclusion
Despite the recent market volatility and the drop below the $60,000 level, Titan of Crypto remains bullish on Bitcoin. He believes the current pullback is a temporary price movement and that the bull market is not over. At the time of writing, Bitcoin is trading for $57,849, marking a 23.5% drop from the ATH, according to data from TradingView. As always, traders and investors are advised to do their own research and consider multiple perspectives when making decisions.
