Bitcoin (BTC) price is trying to recover over the weekend but the current bounce lacks conviction. This suggests that dip buyers are nervous to load up before the release of January’s consumer price index data on Feb. 14 as that could boost short-term volatility.
Although the near term is uncertain, analysts at Delphi Digital expect the United States Federal Reserve to pivot to an accommodative policy later in the year and that could be favorable for risk assets.
Another bullish projection came from Pantera Capital CEO Dan Morehead who said that Bitcoin’s “seventh bull cycle” may have begun. Morehead highlighted that the decline from November 2021 to November 2022 lasted 376 days and that BTC price witnessed a 77% drawdown, in line with the median downdraft of 307 days and a median drawdown of 73% seen during earlier bear markets.
The analysts seem to be turning positive on Bitcoin for the long term but the near term remains uncertain.
Let’s study the charts of Bitcoin and select altcoins to spot the critical levels to…