What bear market? Current BTC price dip still matches previous Bitcoin cycles, says analyst

bitcoin (BTC) has "at least one more upside push to come" before reaching the all-time high of this halving cycle, new research contends.

in a series of tweets On the current state of BTC price action, popular analyst TechDev argued that contrary to many opinions, there is nothing unusual about BTC/USD in 2022.

Bitcoin in 2021: nothing to see here

With a 40% drawdown from November's all-time highs of $69,000 still ongoing, sentiment has also taken a hit: "extreme fear" still characterizes the Bitcoin and altcoin markets.

For TechDev, known for its bullish view of Bitcoin's outlook, there is nothing to worry about.

Analyzing new wallet addresses in relation to price behavior showed that last year's scenario (new address numbers hit lower highs while price hits higher highs) is far from unique.

"In 4 of the 6 corrections we saw a divergence where price made higher highs and new directions made lower highs," said comments on two posts.

"...To me, all 6 are running corrections, also supported by declining volume."

That low volume has previously made headlines as part of concerns that BTC/USD could experience unduly significant moves thanks to a lack of liquidity.

Overall, however, price action relative to Fibonacci levels has remained within historical norms, TechDev added, and thus there is no reason to assume another all-time high won't occur before it is reached. produce a bearish phase.

“Our current correction (since February 2021) is occurring between the same two-cycle record fibs that an ongoing correction has always taken place, with locally declining volume and new directions,” he concluded.

A recovery awaits

Like Cointelegraph reportedInterest has largely shifted away from Bitcoin over the past year, specifically when it comes to retail investors.

Related: Top or bottom? Traders disagree on whether Bitcoin will continue to rise

Seasoned traders remain prepared, however, with to take advantage of still near all-time highs and institutions leaned in to start re-entering the market.

Meanwhile, in the fourth quarter, TechDev began highlighting trends in the Bitcoin Relative Strength Index (RSI), which again showed that it should hit a higher all-time high.

RSI remains significantly “oversold” for BTC/USD, data from Markets Cointelegraph Pro Y TradingView shows, something that in times past has unanimously resulted in a reversal and upward pressure on prices.