Bitcoin Warning: Top Trader Predicts Deeper Decline with Specific Target

A renowned analyst, known for accurately predicting Bitcoin’s 2018 bear market bottom, foresees a further downward movement for the leading cryptocurrency.

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An analyst, known as Bluntz, with a substantial following of 223,600 on Twitter, suggests that Bitcoin (BTC) has potentially formed a bearish lower high pattern on the four-hour chart.

Bluntz indicates that based on Bitcoin’s recent price movements on shorter timeframes, the cryptocurrency appears to have lost momentum. Consequently, Bluntz predicts a potential ABC correction, which could potentially push Bitcoin’s price below $28,000.

Bluntz observes a significant and intense four-hour pattern emerging in Bitcoin’s price chart. As a result, he updates his perspective and anticipates a more substantial decline, extending beyond a mere sweep of $29,000. Instead, he now envisions a potential move towards the $27,000 zone.

Source: Bluntz/Twitter

If Bitcoin follows the projected scenario outlined by the trader, he predicts a sudden reversal for BTC once it reaches his target on the downside. According to the trader’s chart analysis, this reversal is expected to ignite a rally, propelling Bitcoin’s price above the resistance level at $31,500 and potentially reaching around $33,800.

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Inmortal: Bear Trap Below $30K Support, BTC Rally to $32K Expected.

Inmortal, a fellow crypto analyst, expects a brief dip below the psychological support level of $30,000 for Bitcoin. However, he views this downward move as a bear trap, anticipating an immediate reversal and a subsequent rally towards $32,000.

Inmortal considers this setup as a favorable opportunity for traders to go long on Bitcoin, as those who initially went short might find themselves trapped before a potential market squeeze occurs.

Source: Inmortal/Twitter

Crypto strategist Rekt Capital holds the belief that the current consolidation phase of Bitcoin is simply another period of re-accumulation. According to the strategist, this sets the stage for a potential upward surge in the future.

Rekt Capital suggests that exercising patience might reveal Bitcoin’s presence within another re-accumulation structure, implying that it’s only a matter of time before significant developments occur.

Source: Rekt Capital/Twitter

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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