This Macro Fractal Predicts Bitcoin Could Soon Drop to the $6,000s

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Bitcoin’s sideways trend has left many investors divided over what comes next. Yet a cryptocurrency analyst who has made historically accurate calls is leaning bearish. Here’s why he thinks so. Bitcoin Could See a Strong Correction The analyst in question shared the chart below to convey his bearish sentiment. The chart shows that Bitcoin is currently trading in a descending triangle. A descending triangle is a textbook bear pattern that last had relevance in late-2018, prior to the plunge to the $3,000s. Should the descending triangle break down, the trader is expecting a drop to the 0.5 Fibonacci Retracement of the rally from the March lows. That coincides with a price of around $6,800-7,200, or approximately 23% lower than the current market price of Bitcoin. Bitcoin is likely to do this, this analyst suggested, because during the last correction in 2019, the price bottomed at the 0.5 Fibonacci Retracement of…

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