Trader Killa: Market's expected deep pullback may not materialize, still bullish on Bitcoin toward the $90,000 range
Tapbit news reported on September 30 that trader Killa pointed out the market widely expects a "deep pullback" scenario similar to 2023, but Bitcoin's current price action differs markedly from that period. In 2023, when BTC rebounded to $25,000, it formed an "equal high" before being rejected. At that time, the price did not effectively close above that level, nor did it establish a significant high above $25,000, but was instead rejected almost immediately. It merely briefly broke above the local lower high before forming an equal high. Currently, however, BTC has printed a higher weekly high and is oscillating above its previous high, indicating a shift in market structure. In addition, this cycle's bear market saw a maximum drawdown of about 54%, lower than the previous cycle's 77%. If one applies the logic of "diminishing returns" and "shallower pullbacks," then as this bull market advances toward the $126,000 target, the maximum pullback may be only between 10% and 15%, corresponding to roughly $78,000 to $74,000. With open interest (OI) resetting and the price oscillating above its previous high, Killa believes market conditions are quite healthy, is not betting on a deep pullback scenario, and still sees the $90,000 range ahead.
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