The world’s leading cryptocurrency Bitcoin has now reclaimed the $23,000 level and is heading hard towards the $24,000 price level. All of this is happening as the US enters the recession stage with its GDP falling to -0.9%.
However, a popular cryptanalyst believes that bitcoin org bitcoin organization Event plannerTechnology Followers: 0 View profile is about to form a pattern that will leave the crypto space with a negative impact.
The analyst, known anonymously as Immortal, informs his 174,000 Twitter followers that Bitcoin had recently established a consolidation pattern that was followed by a current rise and then a decline in the days to come.
According to the analyst, this pattern has increased the burden on traders. Therefore, he says to wait and see what the market has to offer.
Analyst Strategy for Profit Here
The strategist leans even more towards the pattern and states that whenever there is a downtrend, traders usually trade opposite to the market situation. This happens because there is no demand at this point.
Immortal then gets to the point where there is liquidation and says that during the bear market the price goes into the liquid area and forms a downward pattern, then there will be a small recovery rally.
He then says that by this time, people would have gone into FOMO to get their share before the big players show up.
Therefore, according to the expert, the first phase of this pattern is lower, but this is not the important part, the rise that forms from this point is where traders should look. This is because the analyst believes that this is where the consolidation forms and this is where most traders go into FOMO.
Then there is a sell-off and if the pressure is too high, there will soon be another low.
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This post Bitcoin Price Forms a Dangerous Pattern, Here’s How You Can Beat It
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