Will there be a Bitcoin Crash? Top Analyst Predicts Heavy Hits

The bearish lower high setup on Bitcoin’s four-hour chart

The well-known but anonymous analyst ‘Bluntz’ recently shared his view with his sizable base of 223,600 followers on Twitter. He points out that according to the four-hour chart, Bitcoin appears to be on a potentially bearish lower high pattern.

Bluntz explains that BTC’s price action on the lower time frame indicates that the leading cryptocurrency has lost momentum and may now be ready for an ABC correction, where Bitcoin could fall below $28,000.

He says: “There is a striking pattern emerging on BTC’s four-hour chart. Based on this, I adjust my previous expectations. I now foresee a more significant downtrend beyond a simple correction to $29,000. My current assessment suggests a possible drop towards the $27,000 zone.”

Expectations of a turnaround and Bullish momentum

Should Bitcoin follow the trader’s predicted trajectory, the analyst foresees an abrupt turnaround for BTC after reaching its downside target. The trader’s analysis suggests that this reversal is likely to lead to a rally that propels Bitcoin above the USD 31,500 resistance, heading for a price level around USD 33,800.

A fellow cryptocurrency analyst known as Inmortal shares a similar view. He, too, sees a possible scenario in which BTC briefly breaks the USD 30,000 psychological support before resuming its bullish dynamics. According to this trader, a drop below the support level would most likely constitute a bear trap, as he foresees BTC immediately rebounding and rising towards the USD 32,000 level.

Inmortal states, “When the week starts with sudden selling pressure breaking the support line, it often results in a situation where people go short. Then when they get into trouble, we try to go long to take advantage of the ensuing squeeze. That is the scenario where I would take a long position.”

Read Also:  Automating Reporting And Analytics Processes

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here