Analyst Explains Why Bitcoin Could Fall Below $15K During Q4

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Bitcoin emerged victorious in the week that saw its safe-haven rival Gold taking a dip amid decreasing investors’ appetite for risk-off assets. The benchmark cryptocurrency closed above $16,000 for the first time in three years, a level that traders believe would pave the way for its bull run towards $20,000 — an all-time high. But amid the bullish call came a pinch of warning, stating that Bitcoin would fall back below $16,000 all over again. Rising Wedge A pseudonymous analyst spotted the cryptocurrency in a bearish reversal scenario, based on the assumption that it is trending upward in a Rising Wedge pattern. The technical structure, which begins wide at the low but starts contracting as the price moves upward, thereby narrowing the trading range, is notorious for predicting extreme downside correction. BTC/USD formed a Rising Wedge—at least to naked eyes—as it traded from as low as $13,450 to as high…

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