Analysts Agree: Bitcoin Could Follow This Path!

0

A market expert, famous for his successful predictions, claims that Bitcoin (BTC) is poised for a deeper move to the downside.

The analyst, known by the nickname Bluntz, said that BTC is showing a bearish trend on the four-hour chart. told. The bearish trend in the price of BTC has caught the analyst’s attention. After reviewing BTC’s current chart, Bluntz thinks the downtrend could continue and Bitcoin could head lower.

Bluntz states that BTC is losing momentum. This means that Bitcoin’s earlier bullish momentum is decreasing and buyers’ strength is weakening. Loss of momentum is considered a sign that could lead to a price drop.

According to the analyst, Bitcoin seems poised for a potential ABC correction. Bluntz thinks that BTC’s price action appears to be capable of this correction and predicts that Bitcoin could drop below $28,000.

“Hard four-hour formation in BTC. I’m updating my forecast a bit and now I expect a deeper drop, little more than a simple sweep towards $29,000, now the target is more towards the $27,000 zone.”

The analyst predicts a sudden reversal for Bitcoin after the bearish scenario. According to Bluntz’s chart, the reversal will likely trigger a rally to around $33,800 that pushes BTC above the $31,500 resistance.

Bluntz is not the only analyst who expects a fall and then a rise for Bitcoin. A different analyst, Inmortal, also expects a breakout of $30,000 before BTC regains its bullish momentum. The move below support will likely be a bear trap as the trader expects BTC to immediately reverse and recover towards $32,000.

Besides these, crypto strategist Rekt Capital believes that Bitcoin’s current consolidation is another reaccumulation phase that sets Bitcoin up for an eventual rise.

“Maybe if we are patient, we will realize that BTC is in another reaccumulation structure and it is only a matter of time.”

You can follow the current price action here.


source site-8