Bitcoin Investors, Brace Yourself For A 25% Plunge Soon!
The post Bitcoin Investors, Brace Yourself For A 25% Plunge Soon! appeared first on Coinpedia Fintech News
It appears like the gloomy days are back for the crypto assets. In the last three weeks, Bitcoin has dropped towards $18,000 before finding some stability above $19,000 level.
At the time of writing, Bitcoin is changing hands at $19,110 after a climb of 0.14% over the last 24hrs. The immediate resistance lies at $19,200 and support is positioned at $19,000 level.
A renowned crypto analyst and trader, anonymously known as Altcoin Sherpa, has claimed that Bitcoin’s current trade is similar to that of July 2021.
He informs his 10,500 Youtube followers that it’s been more than 100 days that the flagship currency has been trading around a similar trading range. Hence, he claims that Bitcoin has stepped into the bottoming process.
Bitcoin At $16k?
As per the analyst, Bitcoin’s trading process is not even close to the 2018 pattern, where the asset fluttered around $6,000 and spiked before plunging around $3,000.
At present, the strategist feels that it resembles the bottoming process witnessed in the summer of 2021, after which there was a rally. Hence, as per Altcoin Sherpa, Bitcoin might be pulled back a little lower before seeing some rally.
However, the analyst says that though he believes that Bitcoin has entered the bottoming process, he can’t give an exact timeframe for how long this will continue. However, participants must be wary of the fact that the asset might tumble by another 25%.
He also believes that the longer the Bitcoin stays in this zone, the better the days because accumulation does take a long time, and so does the bottoming process.
Watch the video here:
