Knows Bitcoin’s Very Important Moves! Here’s the Mysterious Analyst’s New Prediction.
Bitcoin (BTC) has risen strongly in the last 30 days and has held a massive rally. The leading cryptocurrency traded as high as $ 16,500, but retreated towards $ 16,200 after buying pressure eased. While Bitcoin remains above key support levels, not all analysts think the cryptocurrency will continue upward.
A veteran analyst says that Bitcoin may have peaked and therefore could face a decline in the coming days. Many analysts emphasize that Bitcoin is overbought, hence the prospect of a decline in the short and medium term. Analysts say the decline will most likely drive the leading coin to the $ 14,000 zone.
Veteran analyst Flood: Bitcoin could see big correction
Flood, a successful cryptocurrency analyst, thinks Bitcoin will surpass $ 16,300 in the medium term. Recently, the analyst shared the following chart showing the price movement of the leading cryptocurrency over the past few weeks. According to the analyst, it is not wise to stay in the cryptocurrency for long at this time due to the weakness in stock prices (S&P 500, Dow Jones, other indices) and the loss of upward momentum in the Bitcoin market. The analyst said:
I ALMOST FORGOT MY MAP TODAY… IT WAS A LITTLE BUSY, BUT THE DIFFICULTY IS A CHALLENGE. ESPECIALLY WHEN STOCKS ARE IN A DOWNWARD TREND, I THINK YOU SHOULD BE VERY CAREFUL ABOUT GETTING CAUGHT UPSIDE DOWN WHEN ENTERING THE MARKET. I HAVEN’T SEEN MUCH ELSE SINCE WE STARTED. I’M STRAIGHT I’M A LITTLE SLUGGISH, BUT I GOT OVER LFT. I WOULD MOSTLY OPEN SHORTS ABOVE $ 16,300 UNTIL MONDAY CLOSED ABOVE THIS LEVEL…
Known by the name of Flood, the analyst has a history of accurately predicting very important price movements in Bitcoin. In addition, the veteran analyst successfully knew the recent rise in Bitcoin.
Analysts: Bitcoin long-term trend still solid
Analysts say Bitcoin’s long-term trend remains intact despite recent price weakness. An on-chain analyst noted that Bitcoin’s cycle is still in its early stages, and recently said:
1 / RELATIVE UNREALIZED PROFIT / LOSS INDICATOR: WITH BITCOIN, IT ENTERED THE GREED ZONE IN THIS LATEST RALLY. IT SOUNDS BAD, BUT WE CAN ACTUALLY SPEND MOST OF THE BULL CYCLE IN THIS AREA. WE ARE STILL EARLY AND WE HAVE MORE OPPORTUNITIES.
According to experts, the leading cryptocurrency seems to have room to reach, as there are still few individual investors interested in cryptocurrency.