Freddie Evans, a sales trader at UK-based digital asset broker GlobalBlock, believes Bitcoin (BTC/USD) will continue surging despite its current price correction. The sales trader shared his opinions earlier today, noting that although bears are dominant in BTC’s market at the moment, indicators show that the bull run is not over yet.
According to Evans, the current price correction is a result of multiple factors, such as the strengthening US dollar index. He also believes the passing of the US infrastructure bill, which seeks to introduce greater regulation to the crypto space is another factor driving BTC’s poor performance.
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Nonetheless, Evans claims multiple technical indicators suggest BTC’s bull run is far from over. As such, he does not believe the continued correction will last long.
According to data from TradingView, BTC’s technical indicators in the short term are bearish. In the one-day chart, the Oscillators are neutral and the Moving Averages point to a mild selling force. However, the weekly chart depicts a bullish momentum, with the Oscillators neutral and the Moving Averages pointing to a strong buying force.
At the time of writing, BTC is changing hands at $59,675.86 (£44,266.66) after losing 1.78% in 24 hours and 12.78% over the past seven days. BTC’s current price denotes a 12.87% plunge from its November 10 ATH of $68,789.63 (£51,027.12).
While BTC has suffered a double-digit drop over the past seven days, it is worth noting that the altcoin market has also recorded significant losses during the same period. In the top-10 list of leading cryptos, altcoins have registered weekly drops ranging from 11% to 19.42%.
The daily performance of altcoins is also poor. For instance, Solana (SOL/USD) is the biggest loser after shedding 3.91% of its volume to change hands at $216.08 (160.26). Cardano (ADA/USD) is the second-largest loser after falling 2.70% in the day to trade at $1.88 (£1.39).
Metaverse-related coins seem to be the only ones defying the current market trend. The Sandbox (SAND/USD) is up 6.62% in the day to trade at $3.30 (£2.45) and Decentraland (MANA/USD) is trading $3.22 (£2.39) after gaining 0.36% over the past 24 hours.
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