Why One Trader Thinks Bitcoin Will See a $1,000+ Plunge Despite Ongoing Upswing

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Bitcoin is currently showing intense signs of technical strength as it races towards $12,000 once again despite the recent rejection at this level The cryptocurrency is now well-positioned to see further upside but remains within a short-term consolidation phase until it shatters this level This uptrend may be bolstered by its break above a previously formed trading range within the lower-$11,000 region One analyst still believes that Bitcoin is at risk of seeing a large near-term selloff that sends it back into the $10,000 region Bitcoin and the entire crypto market are currently showing signs of strength. The benchmark cryptocurrency is now pushing up towards its recent highs at $12,000 as bulls attempt to degrade the heavy resistance that has been established throughout the upper-$11,000 region. This has caused Ethereum and most other major altcoins to rally in tandem, allowing the market to add billions to its capitalization. One analyst…

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