Crypto analysts who foretold past Bitcoin (BTC) crashes are again warning of an impending major pullback. As the leading crypto cools the momentum it gained in January above $23,000, the bears are about to make a move.
Hit Bitcoin analysts warn of a new wave of selling
Crypto analyst Smart Contracter, known for accurately predicting Bitcoin’s 2018 bottom, has issued a warning about BTC’s short-term trajectory. You can take a look at the analyst’s accurate predictions here. Contracter now says that BTC is ready for a pullback and has withdrawn from the market. Using the Elliot wave theory, the trader predicts that BTC could break $22,000 soon:
The analyst also sees potential strength in the dollar index, which has recently risen above a historic support and resistance level. The stronger dollar on February 2-3 made its dominance over the crypto money market.
Michael van de Poppe has set the bar even lower
Elsewhere, Bitcoin could logically correct up to $20,000, according to popular Twitter analyst Michael van de Poppe. Using the idea that the markets are in an uptrend causing the most pain, the technical analyst says that BTC could easily continue to break up after falling to this level:
Theoretically, a correction to $20,000 makes a lot of sense and would be a great buying opportunity for Bitcoin. However, the majority of people are waiting for this fix to happen as a large group has been cast aside. In this regard, continuing upward is the most painful option.
Bitcoin peaked at $24,182 on Wednesday after falling below $16,000 in November. Currently, it is trading around $23,300. Bitcoin’s bullish momentum was halted by the psychologically important $24,000 resistance level. Meanwhile, the price entered a consolidation phase by forming multiple large shadows on the candlestick chart.
What does on-chain analytics say about Bitcoin?
Despite reaching what many describe as the early stage of a bull market, the amount entering exchanges has remained moderate. Also, whales holding more than 1,000 Bitcoins have yet to transfer significant amounts of coins to exchanges.
On the other hand, Bitcoin miners are another important group that influences the market with their spending behavior. The chart below shows the Miner Reserve metric alongside the price. In the case of miners, a significant spike in Bitcoin flows to exchanges (5,592 BTC on Jan. 19) could be observed after prices claimed the $20,000 price level.
cryptocoin.com In this article, we have included the current price predictions of popular analysts such as Crypto Tony and Credible Crypto.
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