CoinWorld reports:
A prominent cryptocurrency analyst has issued a warning that the price of gold may decrease after Bitcoin (BTC) reached a level of $69,000 on Sunday.
Anonymous cryptocurrency trader Credible crypto told his 431,100 followers on social media platform Ten that he is turning bearish on Bitcoin in the short term.
“I think our top may be in for BTC. Here’s what I think makes the most sense on the lower timeframes. One more slight shave off before we’re ready to continue the ideal drop…
So far so good, a bounce in this region would be ideal. Bait them in the last leg before the rug gets pulled.”
Source: Credible Crypto/X
According to his charts, the analyst suggests that Bitcoin could drop to a level of $68,000 again, face rejection, and plummet to a level of $61,000 next week.
The analyst warns that Bitcoin may drop below $49,000.
“Still expecting a drop below $49,000. If bulls want to avoid that, then $58,000 to $61,000 is just their last stand.”
However, the analyst responds to a user of X who asks whether liquidity is being adjusted upwards for a larger move in a few weeks (after sweeping lower lows).
“Yes. That’s why defending the highs is important, that’s why we get so close every time but fail. Those highs are ‘saved’ for the real breakout so when it happens, it’s going to be intense and no turning back. A series of short-term liquidations, spot buyers ruthlessly bidding. It will be spectacular when the time comes.”
At the time of writing, Bitcoin is trading at $66,455, down nearly 2% in the past 24 hours.
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