Top Analyst Issues Bitcoin Warning, Hints Crypto Could Witness…

Top Analyst Issues Bitcoin Warning, Hints Crypto Could Witness…


According to a pseudonymous dealer rect capitalIf Bitcoin BTC/USD repeating its price action from 2015, it could be undergo a major correction.

In a tweet on Friday, Rekt said Bitcoin’s price could fall even further.

Rekt explained that if the cryptocurrency trades below the resistance at $27,000, Bitcoin could drop to its critical psychological support around $20,000.

However, the crypto analyst said Bitcoin has yet to reclaim $28,800 on a weekly basis.

Rekt also said that on the daily timeframe, Bitcoin is signaling a bearish signal as it is now trading below the neckline of a head and shoulders pattern at $27,000.

Also read: Analyst who predicted May 2021 crypto crash now says Bitcoin will rally to this price by 2024

He added that BTC’s inability to reclaim $27,000 as support would likely confirm a reversal pattern.

At the time of writing, Bitcoin was trading at $27,032, down about 7 percent over the past seven days.

Meanwhile another crypto analyst Ton Vays said that the probability of Bitcoin surging over 30% from current levels is higher than probability of the crypto asset crashed to around $22,000.

Now read: Analyst predicts a bold future for Bitcoin amid major central bank actions

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