While many crypto analysts predict new Bitcoin (BTC) all-time highs by June, Markus Thielen said in an April 14 markets report that he is skeptical, pointing out that onchain data signals “more of a bear market environment than a bullish one.”Short-term indicators signal potential market topThielen said the Bitcoin stochastic oscillator — which compares a particular closing price to a range of prices over a specific period to determine momentum — shows patterns “more typical of a market top or late-cycle phase rather than the early stages of a new bull run.”Bitcoin is trading at $83,810 at the time of publication.
Source: CoinMarketCap“As a result, short-term signals are not aligning with longer-term indicators, highlighting the disconnect in the market outlook,” Thielen said.“Bitcoin is no longer a parabolic ‘Long-Only’ retail-driven market,” he added, explaining it now “demands a more sophisticated, finance-oriented approach.”“Bitcoin’s rally over the past year hasn’t been driven by typical ‘crypto-bro’ speculation but by long-term holders seeking diversification and adopting a buy-and-hold strategy,” Thielen said. Over the past 12 months, Bitcoin is up 32.80% and is trading at around $83,810 at the time of publication, according to CoinMarketCap.
Swan Bitcoin CEO Cory Klippsten told Cointelegraph in early March that “there’s more than 50% chance we will see all-time highs before the end of June this year.”Sharing a similar view, Bitcoin network economist Timothy Peterson and Real Vision chief crypto analyst Jamie Coutts have also marked June as when Bitcoin could reach a new high.“It is entirely possible Bitcoin could reach a new all-time high before June,” Peterson said.
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Author / Journalist: Cointelegraph by Ciaran Lyons
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