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Not a bear market: According to the analyst, the current BTC decline is the same as in previous Bitcoin cycles

 


According to one analyst, Bitcoin is behaving the same overall this year as it has in previous cycles.


Bitcoin ( BTC ) will have “at least one more boost higher” before hitting all-time highs this halving cycle, analysts are currently saying.


The well-known analyst TechDev has spoken on Twitter about the current state of BTC and said that contrary to many opinions, nothing unusual has happened in BTC/USD in 2022.


Bitcoin in 2021: Nothing to see here

Sentiment has also taken a hit, falling 40 percent from November's all-time high of $69,000. There is still “extreme fear” in the bitcoin and altcoin market.


TechDev, known for his bullish views on Bitcoin, sees no reason to worry.


He analyzed the new wallet addresses in relation to course behavior and shows here that the scenario from last year was by no means an isolated case. Back then, the number of new addresses made lower highs while the price made higher highs.


"In 4 of the 6 corrections, there was divergence with price making higher highs and new address making lower highs," TechDev said.


"For me, all 6 are ongoing corrections, also supported by declining volume."

This low volume has already grabbed headlines amid concerns that BTC/USD could see excessive volatility due to a lack of liquidity.


Overall, however, price behavior has held up well to historical trajectories in terms of Fibonacci levels, according to TechDev. There is therefore no reason to assume that this time there will not be another all-time high and then a downward phase will follow.


"Our current correction (since February 2021) is occurring between the same two-cycle log fibs as all ongoing corrections always, with volumes and new addresses decreasing locally," he concluded.


recovery expected


Experienced traders are standing by, however , as leverage is still at all-time highs and institutions are preparing to re-enter the market.


Meanwhile, in Q4, TechDev highlighted trends in Bitcoin's RSI, showing that a higher all-time high is overdue .


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