Liquid Capital founder JackYi said in an X post that after calling an end to the rebound phase in May, his team spent the past two months focused on one trade: treating July and August as the final window to buy the dip. He argued that Bitcoin has now broken above its 120-day and 200-day moving averages on the daily chart and above the 20-week moving average on the weekly chart, which in his view means the bear trend has officially ended. JackYi said he expects the market to remain bullish over the next two weeks. He also said a pullback is likely once prices reach a certain level, though he does not expect that correction to exceed 50% of the prior advance. For leveraged positions, he suggested closing longs and using Bitcoin’s 2023 weekly advance-and-pullback pattern as a reference. JackYi added that Bitcoin’s drop from 126,000 to 57,000, or 56%, marked the low, and said it will be difficult to see Bitcoin trade in the 50,000 range again.
Liquid Capital founder JackYi said in an X post that after concluding in May that the rebound phase had ended, his team spent the past two months doing "just one thing": treating July and August as the final chance to buy the dip.
He said BTC has made a strong upside break above the 120-day and 200-day moving averages on the daily chart, while also breaking above the 20-week moving average on the weekly chart. Based on that setup, he said Bitcoin has officially ended its bear-market trend.
On the near-term outlook, JackYi said he expects the market to stay bullish over the next two weeks. He added that a pullback is likely once price reaches a certain level, but said the size of that correction should not exceed 50% of the preceding advance.
For traders using leverage, he said long positions should be closed, and pointed to Bitcoin’s weekly rise and pullback pattern in 2023 as a reference.
JackYi also said Bitcoin’s decline from 126,000 to 57,000, a 56% drop, marked the bottom, adding that it will be hard to see Bitcoin trading with a 5-handle again.
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