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President Putin recently made cautious statements regarding peace talks, but there does not appear to be an imminent resolution. Meanwhile, Bitcoin 
$90,357.50 is hesitating around the $91,000 mark, with altcoins showing a general recovery trend. As markets brace for a long holiday period, there’s hope that this could positively impact cryptocurrencies. What’s the outlook from current analyst predictions?
Jelle’s Cryptocurrency Predictions
Investors in the cryptocurrency sector have been concerned about the risk of long-term structural damage after the breach of significant trend supports. The loss of the 359DMA and other key levels has jeopardized the upward trend of the past 1.5 years. However, analyst Jelle believes that despite the significant correction, the fundamental structure remains intact.
“This correction was the deepest and sharpest in the current cycle, with a decline over 36% in just six weeks. Many were caught off guard by this wave of selling following a series of gradual corrections. Nonetheless, the structure has not broken down. Is this just another bull market pullback for BTC?”
Compared to previous cycles, there still seems to be hope for BTC’s upward momentum. In a recent analysis, Jelle mentioned that if the ongoing pause triggers a test of support, it could complicate things in the short term.
“After hitting a critical resistance level, Bitcoin is stalling. Bulls must intervene soon to ensure this becomes a higher low, as a further decline might weaken the $84,000 level again.”
Key Levels to Watch
TraderXO suggests that, similar to March, a fluctuation could occur around the current level and $80,000. Many investors are eager to capitalize on this period by positioning within a more limited range. Whether BTC will provide the desired narrow range volatility remains uncertain, but a breakout at either the ceiling or the floor will be painful for short-term traders.
“92-94K resistance. Expectations suggest a range forming between this zone and the lower 80s. Anticipate a V-shaped mean reversion into this range, similar to February and March price action. Our plan is to trade extremes on both sides.” – TraderXO
