Bitcoin Analyst Warns Price Could Dip Below $20,000; Here’s Why

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The cost of one Bitcoin could end up plunging below its 2017’s record high of $20,000. That is, according to a pseudonymous analyst, who determined the cryptocurrency’s bearish outlook based on a classic head and shoulder pattern. As of early Wednesday, BTC/USD had painted four out of five key components that confirm the said reversal indicator. They included three peaks with the middle one larger than the others, supported by a so-called neckline. “If we are going to below $30,000, the previous [neckline] support will turn into resistance […] We could fulfill the H&S pattern’s price target, which could take the price below the $20,000 level,” the analyst warned. Bitcoin H&S Pattern and its breakout target area, as highlighted by MM Crypto. Source: BTCUSD on TradingView.com On-Chain Bitcoin Metrics Bearish The statements appeared following Bitcoin’s latest pullback from its sessional resistance area above $36,000. The price plunged to as low…

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