A well-known analyst who is closely monitoring the market believes that traders who have a negative outlook on Bitcoin are starting to change their perspective following the recent bounce in BTC’s price.

The pseudonymous trader, known as Cheds, informs his 346,600 followers on the social media platform X that Bitcoin’s sudden recovery after dropping below $90,000 on Monday indicates that BTC is still in a strong upward trend.

According to Cheds, Bitcoin displayed a high wave doji candlestick pattern on Monday, which suggests that big investors are defending the bullish trend of BTC.

He further notes that Bitcoin seems to have broken out of a W double bottom pattern, a bullish reversal structure that indicates the start of a new uptrend.

With Bitcoin currently trading above the upper boundary of the pattern at $96,000, the analyst predicts that those who were expecting further price declines for BTC will now change their stance.

Cheds states, “If the price breaks $96,000, the bears will start to chase.”

At the time of writing, Bitcoin is trading at $97,070.

Cheds also acknowledges that the efforts of the BTC bears will eventually pay off, but he believes that their moment to dominate Bitcoin’s trend has not yet arrived.

He concludes, “Trends tend to continue, and in my opinion, the bears are early.”

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Generated Image: Midjourney.