SAFAKNA TURKEY – In a post he shared on his official social media account on Feb. 2, Charles Edwards stated that bitcoin’s rise in January was exactly the same as it was in 2021, when China banned bitcoin mining. The analyst pointed to an uptrend at the end of the cycle in 2021, implying that the price could continue rising in the near future.
Edwards talked about the three-stage cycle in his post. While stating that the cycle he shares must see a major drop first, and that this is already happening, the analyst cited China’s 2021 crash and post-FTX bankruptcy in the final months of 2022 as examples.
At the second stage, the analyst stated that the price remained unchanged for a long period of consolidation, while negative effects began to grow.
Finally, he used the phrase “short squeeze” which meant forcing people shorting to buy. According to the analyst, the last movement will be the rise in prices in the form of a quick and definite rally.
In the chart he shared, the analyst drew attention to how similar both cycles are to each other and indicated that the bitcoin rally could continue.
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