Bitcoin smashed the milestone at $50,000 after a long wait of over two years, suggesting the markets have begun with the 2024 bull run
Besides, the possibility of a bearish pullback has been decoded and the price is believed to enter the distribution phase very soon
The crypto markets have been bullish since the beginning of the last quarter of 2023 when the Bitcoin price rose above the consolidation zone between $25,000 and $27,000. Despite the bears trying hard to restrict the rally, the bullish sentiments surrounding the crypto assisted the token in maintaining a healthy upswing. Now that the BTC price has surged above $50,000, some believe the token may again trap the bulls as it did during the 2021 bull run.
One of the popular analysts, known to be bearish on Bitcoin on many occasions, still foresees a rejection at $50,000. Il Capo of Crypto considered the Wyckoff distribution method and says that the price may face a bearish pullback soon as it has reached the upthrust after distribution. Hence, he believes that the BTC price could go as low as $35,000 once the rejection is validated.
The analyst was bullish on Bitcoin after the token soared above $40,000, which was the level that displayed the major sign of weakness according to the pattern. Therefore, the analyst did believe the price would rebound and reach the milestone of $50,000 soon. Now that the market participants have become bullish on Bitcoin, Capo says to his 806,100 followers that the token could face a remarkable rejection.
“I was bullish short-term from $40K because there were possibilities of reaching $50K. It just got hit. Now What?
I’m expecting a rejection of BTC from the $50K level while alts keep pumping more, forming a divergence. After that, the entire market should reverse,”
Therefore, the analyst believes that the altcoins may gain momentum from now on while the BTC price could remain stagnant for a while, followed by a bearish pullback. When asked about the next plan of action, Capo said that the Bitcoin (BTC) price May first re-visit the levels around $30,000, not at once but step-by-step.