While Bitcoin (CRYPTO: BTC) prices spiral downwards to below $40,000, some technical analyst suggest this drop is temporary before an upward trend resumes.
What Happened: Plunging over 10% from recent highs near 48,000, Bitcoin traded below $39,000 yesterday and continues to struggle to maintain the $40,000 level.
However, traders cite technical factors indicating an impending rebound. Cryptocurrency analyst Ali Charts terms the pullback the "Sentiment Cycle" - a brief anxiety phase marked by correction after transitioning through optimism to belief:
Another analyst, CryptoDonAlt, called the current chart "beautiful and bullish," believing $32k would be an "absolute gift."
On similar lines, another X user CryptoDonAlt analyzed Bitcoin prices technically and said that, “This is a beautiful and bullish chart.”
Crypto/equity options trader Shardi B Trading looked at technicals stating, "This looks like it's going lower though."
Analyst opinions vary on the near-term, but technical analysts point to short-lived nature of the pullback in light of the upcoming Bitcoin halving.
Read Next: Bitcoin Experts Say Price Plunge To $39,000 Is 'Healthy For The Market': Here's Why
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