Bitcoin Analyst Warns About “First Real Crash” as Price Hits $16,000

fPZNW8cl 980x580

Bitcoin managed to hit $16,000 on Wednesday after repeatedly eyeing the psychological resistance level for weeks. However, the flagship cryptocurrency experienced a sell-off shortly after touching the three-year high. Traders decided to book their profits, showing a consensual agreement that placing new Long entries at $16,000 is a risky trade. As usual, BTC/USD failed to close above the level that led its rate lower in the successive hourly sessions. As of Thursday, 0610 GMT, the pair was trading at $15,782. It earlier ceased an attempt by bears to move the price below $15,446. That also showed a comparatively higher demand for Bitcoin around $15,000 — which should lead the price back towards testing the $16,000-resistance level. Bitcoin makes another attempt to claim $16,000 and levels above it. Source: BTCUSD on But does that mean that Bitcoin would keep rising forever after closing above $16,000? One analyst thinks it won’t.…

Read the original article here