Analyst: Bitcoin Likely to Plunge Towards $12,000 as Top Signs Emerge

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Bitcoin has seen a slight retrace this morning, with bulls being unable to break above the immense selling pressure that exists around $16,000 Today’s move lower has been somewhat slow and has yet to force the crypto below any crucial level One trader is now offering a somewhat grim outlook on the cryptocurrency, noting that he is expecting it to see one more impulse higher before topping and posting massive losses He is particularly looking for a move towards $17,000 before BTC loses its momentum and dives towards the $12,000 region Bitcoin and the entire crypto market have been struggling to maintain their momentum, with Ethereum failing to hold above $450 while BTC struggles to break $16,000. That being said, the trend is clearly working in buyers’ favor, and until there is an intense selloff, it does seem as though this is only a temporary move lower. However, one trader…

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