Bitcoin Broadening Wedge Formation Indicates Crash Below $30,000

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Bitcoin prices fell on Monday, after plunging by more than 12 percent in the previous session, as the US dollar rebounded and US benchmark yields inched higher, denting the flagship cryptocurrency’s safe-haven appeal. Spot BTC/USD was down 11.61 percent to $33,739 .39 per token by 0639 UTC, after having reached its record high of $41,986 on January 8. Meanwhile, Bitcoin Futures listed on the Chicago Mercantile Exchange fell by 12.97 percent to $34,360 per contract, pointing to massive long liquidations over the previous 24 hours. Dissenting Opinions The volatile plunge left Bitcoin analysts guessing for the next price direction. Scott Minerd, who projected BTC/USD at $400,000 in the future, said the pair’s ongoing uptrend looks unsustainable in the short-term, pointing to its overextended-ness that could crash its price lower. “The target technical upside of $35,000 has been exceeded,” the Guggenheim Partners’ managing partner added. “Time to take some money off…

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