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A closely followed analyst thinks traders who are bearish on Bitcoin are changing their stance after BTC’s latest bounce.
Pseudonymous trader Cheds tells his 346,600 followers on the social media platform X that Bitcoin’s abrupt recovery following its drop below $90,000 on Monday indicates that BTC remains in a strong uptrend.
According to the analyst, Bitcoin flashed a high wave doji candlestick on Monday, a pattern suggesting deep-pocketed investors are defending BTC’s bullish trend.
“BTC daily – high wave doji with range low sweep/recapture
Notable momentum story.”
Source: Cheds/X
Cheds also notes that Bitcoin appears to have broken out of a W double bottom pattern, a bullish reversal structure indicating that a new uptrend is underway.
“W with lower low spring (like we just saw on BTC 4H) is one of my favorite setups.
Powerful.”
Source: Cheds/X
With Bitcoin trading above the pattern’s upper boundary of $96,000, the analyst now thinks those who were predicting more downside price action for BTC will flip their stance.
“Break $96,000 and bears will chase.”
At time of writing, Bitcoin is trading for $97,070.
Cheds also says that BTC bears will eventually be rewarded for their efforts, but notes that their moment to dominate Bitcoin’s trend has not yet come.
“Trends tend to continue, bears are early in my opinion.”
Generated Image: Midjourney
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