One of the analysts closely followed by the crypto money industry. Altcoin Psycho, leading cryptocurrency Bitcoin (BTC) gave an important warning about The analyst stated that the current chart reminds the price action of the Nasdaq in the early 2000s.
According to the famous analyst, the Nasdaq price action seen from 2003 to 2008 is now back for BTC and the situation may be quite challenging.
$30,000 Threat in BTC Price
Speaking in his video where he discussed the latest movements of the BTC price, the famous name emphasized the following in the continuation of his statement:
Looking at the chart, it is seen that there was a serious downward trend in 2003. In the continuation of this, a double bottom was seen in 2004 and the rise started. In 2005, the Nasdaq had an incredible parabolic rise. The Nasdaq movement in 2005 reminds me of the cryptocurrency movement of today. After this rise comes, the bottom of 2006 can be seen again. Finally, the bear market begins in 2009, when everything is wiped out.
The analyst expects another slight fake uptrend if the scenario proceeds exactly as he expects. What will come after this is the $ 29,000 level and a sharp decline, as can be expected. According to the analyst, BTC will decline sharply to the $28,000 support and only be able to reactivate after being sideways for a while.
Although Altcoin Psycho makes a frightening comment for BTC, which is rising with the positive signals from the USA today, the general mood is that the rise will continue.
*Not investment advice.