Market Analysts Predict Uncertain Paths as Bitcoin Hovers at $84,800

Bitcoin (BTC) $103,279 price is currently at $84,800, indicating a quiet weekend for the cryptocurrency market. Weekend volumes often decline, and unless there is a significant surge or drop, charts tend to move sideways. This has been the trend for some time now. So, when will the rise begin?

Is the Cryptocurrency Bull Run Over?

This question is frequently raised these days. Predictions of rises during declines and falls during surges attract attention. However, after prolonged movements in one direction, the market tends to lose interest in predictions and makes the easiest forecasts. Presently, predicting further declines in cryptocurrencies seems like a straightforward prediction. When uncertainty dissipates, our so-called prophets will announce the rise, and by then, prices will likely have already increased.

Quinten, who shared the above chart, commented: “To be completely honest, this metric seems to indicate the peak of the cycle.”

Another individual, Kyle, looks at the same situation differently, stating: “Long-term investors have made profits at similar levels historically, but the key point is they still hold significant amounts. Unlike before, a large portion of capital is not moving. Fewer sellers mean stronger hands… This time feels different.”

Extraordinary conditions lead to abnormal results. Quinten or Kyle may be right, but only time will reveal the truth.

Potential Bitcoin Decline

BTC price is hovering around $84,800 at the time of writing, but Columbus expressed concerns over further loss risks in his daily assessment. With April 2 approaching, and data expected on Thursday and Friday, potential risks are apparent. An analyst shared the following chart and remarked:

“Bitcoin looks like it wants to drop further. Positive news hasn’t been enough to regain key levels. However, today we might witness typical Sunday movements – something we haven’t seen for a while: a small fakeout downward outside the channel, hitting long stops, accumulating shorts, followed by a movement upward that traps both sides: ‘Happy market makers’.”

Let’s see what unfolds. As long as we stay below 200 levels daily and under 91/94k, we are not in the bull zone, so trade cautiously.