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Bitcoin Analyst Predicts Breakout Amid Current Downtrend
Bitcoin has experienced a significant downtrend, losing over $40,000 from its value in October. This has led to negative sentiment and reduced market participation. However, a crypto analyst suggests Bitcoin may be poised for a breakout.
- Pseudonymous analyst Crypto Waterman argues that current pullbacks are typical of Bitcoin cycles.
- Historical trends show gold and silver reach all-time highs before Bitcoin follows. Both metals have peaked, suggesting potential for Bitcoin.
- The Coinbase app performance, a marker for Bitcoin cycle tops, has not reached its historical peak, indicating the current price may not be the top.
- Altcoins are down 60%-80% from their highs, with no altcoin season in sight.
- The Crypto Fear & Greed Index and MVRV Z-Score indicate that market euphoria hasn't peaked yet.
The analyst predicts that investors who exited in previous years will re-enter the market, followed by new retail investors, which could signal an exit point.
