Analysts: Bitcoin Prices Will Decline For the Next Several Weeks – Bitcoin and the aggregated crypto market have faced tremendous volatility over the past few days and weeks, with Bitcoin (BTC) oscillating between $ 10,000 and $ 12,000, making relatively large movements between the two price levels.
Now, leading analysts predicting the Bitcoin Bull has recently warned investors that Bitcoin might form a dangerous chart pattern that has historically produced “disruption” of prices in different markets, and that a strong surge is needed to cancel out the unpleasant possibility.
At the time of the press, BTC traded down almost 8.1% in the 24 hours around the level of $ 11,098 or Rp. 156 million which dropped significantly from its daily high of $ 12,200 according to CoinGecko .
While if we look at the weekly Bitcoin price action, it is clear that BTC is once again approaching the historical support area that must be owned, because previously found strong buying pressure in the area of $ 10,000 level.
In addition, BTC will start its weekly candle today, which means that the Bulls must increase buying pressure over the next few hours or down pressure to be able to continue to extend the potential for a rise due to technical weakness.
Josh Rager, a popular cryptocurrency analyst on Twitter, stated that the Bitcoin monthly chart looks good, but the weekly BTC chart is bad and prices may drop for the next few weeks.
Peter Brandt, a leading analyst who predicted a rise in the BTC, recently told nearly 300 thousand of his Twitter followers that Bitcoin is currently forming a historical Bearish technical formation which usually results in a break down in other markets.
“Analog concepts are the basic premise of graph analysis – the shape tends to recur, even in different time frames. Nasdaq 100 in 1999-2000 vs BTC at this time. Forward above 12,444 violates the possibility of analog $ BTC Warning = Prepare. ”
When the new week of trading begins, it is very likely that the chart patterns mentioned above will be validated or canceled, so how BTC responds to current downward pressure in the short term will be very important in the near future. Let’s wait and see.