Bitcoin Primed to Drop, Analysts Fear
Analysts fear that Bitcoin is primed to retrace as the price action has tapered off after the $14,000 break on Saturday.
The chart below was shared just recently, showing that BTC has formed “three drives into major resistance” and may thus face a pullback if a followthrough doesn’t take place. The analyst added that with uncertainty in the stock market and with the U.S. Dollar Index on support, BTC has a good chance at moving lower as opposed to higher:
Chart of BTC's price action over the past few weeks with analysis by crypto trader Mayne (@TraderMayne on Twitter). Source: BTCUSD from TradingView.com
Strong Underlying Bid
While Bitcoin has technical signals that indicate a correction is likely, there is a strong underlying bid.
Crypto-asset analyst “Light” recently shared the comment below. He thinks that much of the “buy pressure that is competing for tightening BTC sell-side liquidity these last weeks is coming from institutionals.”
The trader added that once retail investors enter the Bitcoin market, the price of the coin may surpass $20,000.
Analysts also remain bullish due to macro fundamental reasons.
Tyler Winklevoss recently stated:
The Winklevoss Twins think that the trend of inflation will drive Bitcoin dramatically higher in the months and years ahead.
Photo by Jung Ho Park on Unsplash Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Analyst Thinks Bitcoin's Pump Toward $14,000 "Seems Fishy"
Originally from Bitcoinist.com https://ift.tt/3jLMZHd
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