Bitcoin is Currently Experiencing A “Disbelief” Rally: Analyst

Last Updated:
2024 Presidential Candidate To Start Accepting Bitcoin Donations
  • The crypto market is currently experiencing a “disbelief” rally, according to Ali.
  • Ali noted that the current crypto market rally would soon correct.
  • A correction would push Bitcoin’s price to $35,000, or at most $30,000.

The crypto market is currently experiencing a “disbelief” rally, according to Ali, the renowned crypto analyst. In a post on X (formerly Twitter), the analyst used the Wall Street Cheat Sheet market cycle analogy to assert that the current crypto market rally would soon correct.

Ali noted that the crypto market’s current state will face skepticism, leading to a price correction that energizes the bear to say, “I told you so.” However, he predicted that the upcoming Bitcoin price correction would be a brief phase that would precede a bull run with significant upside potential.

The “disbelief” rally represented on the Wall Street Cheat Sheet, also referred to as “The sucker’s rally,” is the first sustained rally that pulls the market out of a classic bear situation. The sucker’s rally is the next stage after “Depression,” and the Cheat Sheet predicts it will fail like the other attempted rallies before it.

However, the disbelief rally is also the last stage before the price completely pulls out of the bear market. The Cheat Sheet’s presentation shows that the disbelief rally ushers in the bull run. It moves the market into the stage of “Hope” when users become more convinced that a recovery is possible, ahead of Optimism, Belief, Thrill, and Euphoria.

Despite predicting a pullback from the current price level, Ali does not see Bitcoin dropping very low. When asked how low Bitcoin could go in the correction, the crypto analyst predicted a local low of $35,000, or at most $30,000.

Several respondents to Ali’s post agreed with his position, with some clearly stating that they look forward to the pullback to increase their investment in the flagship cryptocurrency.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.