Bitcoin price gained strength after it cleared the crucial resistance at $24,200 during the previous trading day. The price further climbed beyond $24,700 to mark monthly highs around $24,918, where the price started a downside correction. Moreover, the heat wave raised when the price fell below the resistance at $24,500.
Yet the hopes of a rebound were alive as the last point of defence above $24K at $24K, but all hopes went in vain with the bearish close below these levels. Currently, the price is fluctuating around $23,600 and is expected to coil up to $28,000 slashing all the barriers in between as the momentum is bullish.
But a popular analyst believes $25,000 to $25,500 could be the highs for the current cycle.
The analyst believes the BTC price may face a steep correction as it surges beyond $25,000 and the maximum level it could reach may be around $25,500. He believes that the bear market still prevails and despite a drop in inflation or revival of a bull market or mainnet merge could not reverse the trend.
Therefore, the analyst advised his 475K followers to protect the profits gained till now as the price is primed to drop hard after a last leg up. Currently, the RSI in the short term is drowning, hitting 33.95 while in the long term a bearish reversal compelled the RSI to reverse its trend towards the south.
Hence, it appears that the Bitcoin bears have regained their dominance and could mount enough selling pressure very soon.