Bitcoin (BTC) continues to navigate a phase of consolidation, hovering just above $113,000, leaving investors uncertain about the BTC’s next move. This uncertainty has led one analyst, known for accurately predicting BTC’s trajectory during this cycle, to suggest that a new bear market may be closer than many investors anticipate.
While he initially expected this target to be hit this month, he noted that the price has spent an average of 77% of the time below his short position entry point of $115,500. This has reinforced his belief in the validity of his analysis.
The analyst views any upward price movements, such as the mid-September surge to $117,800, as mere opportunities to enter short positions at more favorable levels, instead of being signals of a new bullish catalyst.
Moreover, the Stablecoin Supply Ratio (SSR) RSI currently sits at 21, which indicates a “buy” signal. This metric assesses the buying power of stablecoins in relation to Bitcoin’s market cap.
Conversely, the Inter-Exchange Flow Pulse (IFP), which tracks Bitcoin flows between spot and derivatives exchanges, is currently trending downward—an indicator commonly associated with bearish market conditions.
Featured image from DALL-E, chart from TradingView.com
