With Bitcoin now trading above the $83,000 threshold, the asset appears to be in recovery mode following a period of correction. The DataDash channel reports that the cryptocurrency has put in a strong performance to clear this important level, which is serving as firm support after the 52% slide from the $126,000 top.<\/p>\n
While the analyst at DataDash views the breakout as an encouraging sign, he is careful not to read too much into it as an assurance of a lasting bullish run. Still, the fact that the price is holding its ground above $83,000 lends credence to the idea that the worst of the correction is behind us. Should it fall back under $71,380, however, any present optimism could quickly be replaced by fear. For now, investors are feeling more confident, with some projecting the next peak could be as high as $135,000 before the year is out.<\/p>\n
According to the DataDash analyst, one has to look at a pair of opposing forces to understand present market sentiment: there is an undercurrent of fear in conventional equities while the crypto world is exhibiting marked greed. The channel suggests that such a mix of emotions may well set the stage for Bitcoin to post more gains.<\/p>\n
One can see evidence for this view in the ETF flow numbers of recent weeks, where buying has been a steady match for any selling. DataDash argues that this kind of persistent accumulation speaks to strong confidence on the part of investors in the digital asset space, and in their estimation, it is what gives credence to an optimistic price path for Bitcoin.<\/p>\n
The DataDash analyst puts forward a view at odds with the four-year cycle theory so often seen in the literature, contending that what we are seeing in Bitcoin is likely an element of a longer market cycle. He points to last year as a case in point: while a host of experts were calling for a correction in late September, the market was already on the mend by October, a reminder of how Bitcoin has a way of not conforming to strict time-based projections.<\/p>\n
His own figures suggest the asset may be headed for a fresh $135,000 high before the year is out. The expert is quick to add, though, that such a number is merely a projection and no sure thing; he would have investors keep a close watch on the important support and resistance levels as things develop over the coming months.<\/p>\n
This article reflects the channel author\u2019s opinion and is not investment advice.<\/em><\/p>\n Every call by DataDash and how it played out \u2014 in the BuyCrypt bloggers tracker<\/a>.<\/em><\/p>\n Source \u2014 DataDash: https:\/\/www.youtube.com\/watch?v=agTl0KM4Qmc<\/a><\/em><\/p>\n <\/p>\n To navigate Bitcoin’s volatile movements confidently, try our trading simulator to practice risk-free on real markets. Practice trading risk-free<\/a>.<\/p>\n <\/p>\n