BTC Market Analysis: Bears Target $45,500 as Bitcoin Struggles to Maintain $48K Range

• Analyst outlines critical thresholds for bullish and bearish scenarios for Bitcoin.
• Close above $48,969 could make bullish sentiment prevail, per the analyst.
• The bears could reportedly be targeting a 6% drop to $45,500.

A notable analyst has pinpointed a critical juncture for shorting the Bitcoin market, signaling a potential downturn for the world’s leading cryptocurrency. Bitcoin has recently engineered praiseworthy trajectories, climbing to a height of $48,600.

However, the asset struggles to maintain the $48K range, having crashed to as low as $47,770 in the last 24 hours. Consequently, the analyst from the Cheeky Crypto YouTube channel weighed in on the current state of the Bitcoin market, hinting at the possibility of impending breakouts. 

Specifically, the analyst outlined the critical thresholds for bullish and bearish scenarios, noting concerns about a rising wedge pattern. For the bulls, the focus lies on breaching the resistance zone spanning from $47,115 to $48,969. According to the analyst, this zone marks the battleground where bulls strive to establish a new local high. 

He …

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