Expert Who Called Bitcoin Peak Says It Won’t Hit $116K in the Coming Year

Crypto analyst Snow, who accurately predicted the peak of Bitcoin, has made a bold prediction: BTC won’t hit $116,000 in the next year. He mentioned this while dismissing the recent market bounce, labeling it as just a dead-cat bounce.

Expert Says Bitcoin Won’t Exceed $116,000 in the Coming Year

In a recent post on X, Snow explained that the algorithm is setting a new ceiling, which is why Bitcoin might bounce back, but it won’t cross $116,500 within the next 365 days. He cautioned that this is merely a Dead Cat Bounce, indicating traders should temper their expectations for ongoing upward movement.

Snow had accurately predicted the Bitcoin peak, selling the leading cryptocurrency around its all-time high (ATH) of $126,000. His latest remarks come as BTC surpassed $90,000, sparking some hope that a bull market could still be on the horizon.

However, Snow insists that the “Supercycle” narrative is misleading, created to keep traders holding on. He also mentioned that he is currently looking for short positions rather than long ones, as he expects Bitcoin to decline further. Another crypto analyst, Colin, recently shared similar sentiments about the market recovery being a Dead Cat bounce.

Snow assessed that there’s an 80% chance BTC is already in a bear market. He also noted there’s only a 20% chance Bitcoin will hit a new all-time high during this uptick. Nevertheless, Colin predicts Bitcoin might reach between $100,000 and $115,000 on this bounce.

Is a BTC Rally on the Horizon?

Crypto analyst Titan of Crypto recently suggested that Bitcoin could soon experience a rally that might push it past the psychological $100,000 mark. He pointed out that rallies typically follow when Stochastic RSI indicators show a bullish crossover. However, the real question remains whether this rally can break the ATH or if it’s just another Dead Cat bounce signifying the end of the bull market.

He also mentioned being 80% bearish and 20% bullish. Meanwhile, crypto analyst CrediBULL Crypto believes the bull market is still alive as long as Bitcoin stays above $74,000, identified as a crucial level. With the monthly close approaching, a close above $93,000 would signal positivity, while one above $102,000 would be “incredibly bullish.”

As of now, Bitcoin is trading around $91,450, showing some gains in the past 24 hours, based on data from CoinMarketCap.

Featured image from Pngtree, chart from Tradingview.com

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