Bitcoin current market dynamics are nothing like 2021 'pre-bull run era': crypto analyst BTC cryptocurrency
Bitcoin had marked bottom lows at $28,800 days after making the bearish crossover and subsequently entered into sideways trading. The lead asset consolidated for nearly a month before resuscitating a positive move in late July 2021. Bitcoin marked all-time highs of $69,000 on Nov. 10 consequently.
The analyst explained, ''Saying this as many are comparing now with Jun-Jul 2021. Technically, charts are very similar, but fundamentals changed, valuations are much larger, and there is not as many shorts to squeeze.", however, maintains optimism regarding a break higher to $46K: ''I'm still looking for a break higher in $BTC to 46k. It makes sense IMO to either play short-term for the time being or reduce size to play the long game,'' he says.