A renowned analyst closely monitoring the market believes that traders who have been pessimistic about Bitcoin are reconsidering their position following the cryptocurrency’s recent rebound.

Pseudonymous trader Cheds, addressing his 346,600 followers on the social media platform X, asserts that Bitcoin’s swift recovery after dropping below $90,000 on Monday signifies the continuation of a strong upward trend for BTC. The analyst points out that Bitcoin displayed a high wave doji candlestick on Monday, a pattern indicating that significant investors are defending the bullish trajectory of BTC.

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

Notable momentum story.”


Source: Cheds/X

Cheds further observes that Bitcoin seems to have broken out of a W double bottom pattern, a bullish reversal formation signaling the initiation of a new uptrend.

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

Powerful.”


Source: Cheds/X

As Bitcoin is currently trading above the upper boundary of the pattern at $96,000, the analyst anticipates that those anticipating further price declines for BTC will reverse their stance upon breaching the $96,000 mark.

“Break $96,000 and bears will chase.”
At the time of writing, Bitcoin is trading at $97,070.

Cheds predicts that Bitcoin bears will eventually see the fruits of their efforts, but highlights that their opportunity to influence Bitcoin’s trend significantly has not yet arrived.

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

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