Crypto Strategist Sees BTC Bears Flipping Bullish Following Bitcoin’s ‘Notable Momentum’ Recovery

Bitget App

Trade smarter

Daily Hodl2025/01/14 16:00

By:by Henry Kanapi

A closely followed analyst thinks traders who are bearish on Bitcoin are changing their stance after BTC’s latest bounce.

Pseudonymous trader Cheds tells his 346,600 followers on the social media platform X that Bitcoin’s abrupt recovery following its drop below $90,000 on Monday indicates that BTC remains in a strong uptrend.

According to the analyst, Bitcoin flashed a high wave doji candlestick on Monday, a pattern suggesting deep-pocketed investors are defending BTC’s bullish trend.

“BTC daily – high wave doji with range low sweep/recapture

Notable momentum story.”

Crypto Strategist Sees BTC Bears Flipping Bullish Following Bitcoin’s ‘Notable Momentum’ Recovery image 0

Source: Cheds/X

Cheds also notes that Bitcoin appears to have broken out of a W double bottom pattern, a bullish reversal structure indicating that a new uptrend is underway.

“W with lower low spring (like we just saw on BTC 4H) is one of my favorite setups.

Powerful.”

Crypto Strategist Sees BTC Bears Flipping Bullish Following Bitcoin’s ‘Notable Momentum’ Recovery image 1

Source: Cheds/X

With Bitcoin trading above the pattern’s upper boundary of $96,000, the analyst now thinks those who were predicting more downside price action for BTC will flip their stance.

“Break $96,000 and bears will chase.”

At time of writing, Bitcoin is trading for $97,070.

Cheds also says that BTC bears will eventually be rewarded for their efforts, but notes that their moment to dominate Bitcoin’s trend has not yet come.

“Trends tend to continue, bears are early in my opinion.”

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X , Facebook and Telegram

Surf The Daily Hodl Mix

Generated Image: Midjourney

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!

European Central Bank President Christine Lagarde said bitcoin is not an option as a reserve asset for the Eurozone’s central bank reserves, citing liquidity, security and regulatory concerns.Meanwhile, the Czech National Bank approved a proposal from Governor Aleš Michl to assess diversifying some of its country’s reserves into bitcoin.

The Block•2025/01/30 21:34

'Inevitable collapse': Trump’s crypto push sparks concern at Paul Singer's Elliott Management: FT

The hedge fund said in a new investor letter that the “inevitable collapse” of the crypto bubble “could wreak havoc,” according to the Financial Times.Elliott’s Paul Singer has never been a fan of crypto, telling WSJ in 2023 that cryptocurrencies are “completely lacking in any value.”

The Block•2025/01/30 21:34