A renowned analyst, known for accurately predicting Bitcoin’s 2018 bear market bottom, foresees a further downward movement for the leading cryptocurrency.
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.
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.
Follow Cryptos Headlines on Google News and Threads App
Join Cryptos Headlines Community
Author
