2 thousand dollar collapse in advance! Now Sets Bitcoin New Move
On June 1, Bitcoin fell to $ 8,600, down $ 2,000 on some exchanges in just hours. Later, BTC recovered and quickly rose above $ 9,000. It was a move that allowed analysts to immediately rise in the leading cryptocurrency. So what are the critical indicators pointing to in BTC?
This indicator predicted the fall of $ 2,000 in Bitcoin!
Raoul Pal, general manager of Real Vision, shared the graphic above with the following comment after the recent bullish move:
HERE ON THE LOG SCALE… THIS IS THE LARGEST GRAPHIC PATTERN EVER CREATED…
Few investor leaders were waiting for the crypto money to collapse rapidly before the $ 2,000 decline. But this happened, Bitcoin traded against the positions of many traders. The asset erased $ 2,000 in three minutes and liquidated the $ 100 million long position at BitMEX with a sharp correction. Obviously, most traders were caught off guard for this downward move. However, an indicator predicted the rejection to take place: Bitfinex’s order book. The book of orders now predicts that the opposite action is close.
Critical indicator now shows that a big move is approaching in Bitcoin
Before the above $ 2,000 correction, an analyst shared the chart below. Bitfinex’s order book data clearly revealed the last move of BTC. Bitcoin rose to $ 10,400 and dropped to $ 8,600 with a rapid rejection. Now, according to an updated version of this data, Bitfinex traders are supporting the price and collecting offers in the $ 9,500 region.
Considering the fact that order book data is related to the trend of Bitcoin , we are about to see another big move coming up. Apart from this indicator, there are other bull indicators in Bitcoin that indicate an uptrend. As previously reported by cryptocoin, Blockstream CEO Adam Back said he thinks Bitcoin will hit $ 300,000 in the next five years. Adam Back linked this lofty prediction to two basic ideas:
- Compared to traditional asset classes such as bonds and real estate, Bitcoin makes sense. Bonds are overvalued and real estate is risky due to ongoing work from home.
- The currency printing of central banks and governments is rapidly revealing the value of a scarce asset such as BTC.