Bitcoin Analyst Who Predicted Bull Trap at $14K Says $12K is Next

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Bitcoin is undergoing a short-term trend reversal after hitting a three-year high above $14,000 with an inclination to test $12,000 in the coming sessions, says Dmitriy Lavrov. The independent market analyst, who correctly predicted a bull trap scenario near the $14,000-level in his November 1 analysis, said Bitcoin’s hourly charts give bearish signals. He noted that “big players” secured profits at the local top after exiting their long positions. Simultaneously, amateur traders increased their bids for Bitcoin. That led to a trade imbalance. The broader influence of influential traders in the Bitcoin market moved its prices lower. Meanwhile, the smaller fishes, who had just bought Bitcoin at a higher high, waited for their long positions to return gains. Mr. Lavrov believes the imbalance will continue until the cryptocurrency hits $12,000. The analysts reached the bearish conclusion after placing the price on an upward channel pattern – a structure showing the…

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