Analyst Who Called 2018 Bottom Fears Bitcoin Will See Steep Drop


Bitcoin could undergo a strong correction in the weeks ahead as it forms a bearish short-term to medium-term outlook. This is compounded by a futures market positioning “overhang” noted by JP Morgan analysts. Historically Accurate Analyst Fears a Strong Bitcoin Drop Bitcoin could undergo a strong drop towards $10,000 once again, says the trader who in the middle of 2018 predicted the bottom price to a 1.5% accuracy. The analyst noted that the cryptocurrency is forming a similar chart formation to that seen prior to the March capitulation crash: “btc starting to look it did in feb this year before we had that final capitulation low. something to keep in mind, plus weeekly sp500 close wasnt too crash hot, kind of looks like a double top and a test of 3200 range lows on the cards.” Chart of BTC's price action since the end of September and a chart of…

Read the original article here