After Bitcoin’s price rose from color to $63,000 over the past week, it is expected that the upward trend may continue. This sparked predictions of another rally and that the price of BTC could exceed $70,000 as a result. However, one analyst spoiled this move by predicting that another crash could occur. This could lead to an eventual bottom, but suggests much lower prices will emerge first.
The final diagonal suggesting that Bitcoin is heading lower
EduwaveTrading published a post analysis on the TradingView website, which paints rather bearish image of Bitcoin priceat least in the miniature term. This prediction has to do with Bitcoin not hitting its previous low, and this could mean that another wave is coming to aid it hit that low.
As a result of failing to reach a bottom, the crypto analyst suggests that Bitcoin may have fallen into a diagonal pattern with a widening finish. This pattern, despite the revival, points to another possible downward movement. This move would be the beginning of a deeper downtrend that would bring the rate to up-to-date annual lows.
The lower swing target is just above $62,000 and could attract price action at this point. If the diagonal pattern of unfolding ends, it means there is one color left. After breaking the low, the analyst indicates that Bitcoin could fall further below $59,000 before finding support again.
Given this pattern, the cryptocurrency analyst suggests that investors may want to wait for the next suit to play out before doing anything. Only then would it be “safe” entry into Bitcointo avoid further losses.
BTC is still very bearish
Similar to EduwaveTrading, another cryptocurrency analyst, Behdark, did this predicted that Bitcoin will experience another crash. This time, the analyst points to a reversal from the downtrend due to the fact that momentum is weakening, suggesting that Bitcoin is still very bearish.
If the sellers continue to stay mighty, the cryptocurrency analyst will see it Bitcoin falls towards $61,000which coincides with the low that EduwaveTrading points to. Together, both of these analyzes indicate that it is highly likely that the BTC price will see a mighty downward move before it establishes sufficient support to continue rising again.
Featured image from Dall.E, chart from TradingView.com
