Summary
- Crypto analyst Merlijn The Trader said Bitcoin (BTC) could fall to about $58,000 before reaching a new all-time high.
- He said the market is currently in the psychological 'anger after fear' phase and has entered the final correction phase before a bottom is formed.
- Merlijn said Bitcoin could move through a 'disbelief' phase before rising gradually to a new all-time high of more than $150,000.
Forecast Trend Report by Period
Bitcoin could face one more sharp drop before climbing to a new all-time high, in what one analyst described as a sign the market is entering the later stage of its cycle.
Crypto analyst Merlijn The Trader said on April 21 that Bitcoin may fall to about $58,000.
He described the current phase of market psychology as “anger after fear,” a stage that typically appears before a final bottom is formed.
In past bull-market cycles, Bitcoin moved through anxiety, denial and fear after euphoria, he said, adding that the cryptocurrency has now entered its final correction phase.
After passing through a “disbelief” stage, Bitcoin could resume a gradual climb and eventually set a fresh record above $150,000, according to the analyst.
Conflicting views continue to coexist in the market, reflecting both the possibility of a short-term correction and expectations for longer-term gains. Liquidity conditions and investor sentiment remain the key variables to watch.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
