Analyst James Check noted that the $70,000-$75,000 range is critical for Bitcoin bulls. His forecasts address current market conditions and future price cycles.
Critical Levels for Bulls
Check pointed out that Bitcoin needs to stay above the $70,000 level. If it drops to $65,000, Bitcoin holders may become 'sensitive' to market changes.
Macroeconomic Factors
Check highlighted that it is impossible to definitively say whether Bitcoin is in a bear market, as current macroeconomic events significantly impact the market. He advises to set aside notions of bulls, bears, and cycles since 'things can change on a dime.'
Change in Bitcoin Trading
The analyst also emphasized that Bitcoin has been trading differently since 2023. He described the period leading up to 2017 as the 'adoption cycle,' and the 2018-2022 period as maturation and development. In 2023, the 'institutional' cycle begins, introducing a different type of marginal buyer.
Understanding current market conditions and critical levels for Bitcoin can assist investors in making more informed decisions amid a volatile market.
