Bitcoin (BTC) has experienced a continued relief rally since the beginning of the week, successfully recapturing the critical $93,000 mark on Wednesday afternoon. This increase in the cryptocurrency’s price has led to varied sentiments among experts concerning its future trajectory.
Analysts Caution About Resistance Ahead For Bitcoin
IG analyst Chris Beauchamp emphasized the cautious optimism among Bitcoin supporters, who remain skeptical after facing several false recoveries in recent months. He observed that there seems to be a change in risk appetite within the stock market, gradually influencing the cryptocurrency sector.
Nonetheless, he noted that while last week’s bounce faltered at the $93,000 level, the recent advance above this threshold on Wednesday prompts hope for a potentially sustained upward trajectory.
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Despite the optimism, analysts caution that additional resistance levels are likely to surface as Bitcoin continues to rise. Jeff deGraaf from Renaissance Macro Research highlighted two major resistance points to monitor: the psychological $100,000 mark and the $107,000 level, both reinforced by descending moving averages.
Adding further complexity to the Bitcoin discussion, market analyst CryptoBullet has proposed that the peak of the Bitcoin cycle may already be established, having occurred last month above $126,000.
Will Altcoins Recover?
In a social media post, CryptoBullet observed that the performance of altcoins, in relation to Bitcoin, suggests a potential bottoming out. While worrisome, this scenario is not without precedent.
CryptoBullet recalled a comparable situation in September 2019 when Bitcoin stabilized about 30% below its peak following a vigorous seven-month rally after a bear market low. During this time, altcoins also reached their cycle lows.
In the current situation, Bitcoin’s rally has lasted significantly longer—35 months compared to the earlier seven-month duration. Additionally, altcoins have been declining for over four years, effectively doubling the timeline of their last bear market.
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Looking forward, CryptoBullet foresees a challenging correction for Bitcoin in 2026, hinting that a bear market may be imminent. Over the next two to three months, he anticipates a possible recovery for altcoins, indicating a liquidity rotation and potentially a “mini altseason” during what he refers to as a “Dead Cat Bounce” for Bitcoin.
This reflects the events of 2019-2020, when altcoins underwent a relief rally while Bitcoin was trending downward. CryptoBullet suggests that a substantial altseason is likely in the next cycle, projected for 2027-2029.
At the time of writing, BTC is trading just above $93,000, reflecting gains of 2% and 3% over the 24-hour and seven-day periods, respectively.
Featured image from DALL-E, chart from TradingView.com
