Crypto analyst EGRAG CRYPTO is pushing back against the growing calls of a “bearish divergence” in Bitcoin, arguing that both the price and RSI are still missing the crucial third touch point needed to confirm such a signal.
According to EGRAG, many traders are jumping ahead and misleading followers with “forced logic,” warning that copying old fractals from past market cycles can lead to premature selling.
“That’s not analysis, that’s guesswork,” he said, pointing to the ongoing rally in gold as a sign that risk-on assets may still have room to run.
“Before the recession hits, the market always pumps risk-on assets to the moon first,” EGRAG explained, suggesting that Bitcoin may follow the same path it did in earlier cycles before any major downturn.
The chart shared shows Bitcoin consolidating between $97,000 and $140,000, awaiting the potential third touch point that could confirm the next major move. Until then, EGRAG insists the talk of a bearish divergence is premature, and that Bitcoin’s bull structure remains intact.