An analyst closely watched by many believes that traders who have a bearish view on Bitcoin are reconsidering their position following BTC’s recent rebound. Pseudonymous trader Cheds, speaking to his 346,600 followers on the social media platform X, asserts that Bitcoin’s sudden recovery after dropping below $90,000 on Monday signals the cryptocurrency’s strong upward trend remains intact.
The analyst points out that on Monday, Bitcoin exhibited a high wave doji candlestick, indicating that significant investors are supporting BTC’s bullish trajectory.
“BTC daily – high wave doji with range low sweep/recapture
Notable momentum story.”
Source: Cheds/X
Cheds also highlights that Bitcoin seems to have broken out of a W double bottom pattern, a bullish reversal formation suggesting a new uptrend is emerging.
“W with lower low spring (like we just saw on BTC 4H) is one of my favorite setups.
Powerful.”
Source: Cheds/X
With Bitcoin currently trading above the pattern’s upper boundary of $96,000, the analyst now predicts that those who previously anticipated further price declines for BTC will change their stance.
“Break $96,000 and bears will chase.”
As of the time of writing, Bitcoin is trading at $97,070. Cheds adds that while bears will eventually see success in their predictions, the time for them to dominate Bitcoin’s trend has not yet arrived.
“Trends tend to continue, bears are early in my opinion.”
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