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Aksel Kibar, a traditional markets analyst, issued a warning to Bitcoin investors, saying the current price recovery is not the start of a new bull run but a “technical trap” within a broader downtrend.
Kibar said the long-term market structure has shifted after Bitcoin failed to hold above last year’s key highs near $127,000 per BTC. He described the subsequent chart action as forming a large broadening pattern, followed by a sharp collapse.
He also pointed to the fact that Bitcoin is currently trading below its 365-day moving average, which he described as a classic sign of a bear market. In that context, he characterized short-term upward moves as temporary consolidations before further declines.
The analyst’s main concern is the formation of a “rising wedge” pattern. Kibar explained that this pattern involves price moving upward within a narrowing corridor, while each new local high only slightly exceeds the prior one. He said such structures are typically counter-trend and can indicate buyer exhaustion.
At $69,200, where Bitcoin is currently trading, Kibar said the price is testing the lower boundary of the wedge. He added that the market has not yet found a final level for “bottom fishing.”
Kibar suggested $60,000 could be the next stop if the wedge breakdown leads to further decline.
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