bt-crow.com
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Anonymous crypto trader with the nickname Capo believes that Bitcoin is waiting for another fall before the rebound
In his opinion, before the market recovers, the BTC rate will fall below $30,000. However, if Bitcoin consolidates below this level, then the bull market can be considered officially over:
“If bitcoin consolidates below $30,000, the bull market is over. Consolidation means a clean close of the timeframe high below this level or a breakout and the support level turning into resistance. I am now betting on a bounce after a short candle below $30,000.”
According to the trader’s chart, bitcoin moves similarly to the S&P500 market structure from 1999 to 2009 on a two-week timeframe. If the movement of BTC follows this scenario, a drop below $30,000 will give the crypto asset the opportunity to rise to new all-time highs.
Capo noted that there was significant supply in the futures section of Binance, adding to his confidence in Bitcoin moving below $30,000:
“There has been a significant increase in supply in the futures section of Binance. We are moving to the level below $30,000”
According to the trader, now 80% of his portfolio is in the dollar stablecoin Tether (USDT). But the forecast for a move below $30,000 will be invalidated if bitcoin manages to consolidate above $41,000.
#Trader #Predicts #BTC #Drop #Rapid #Rally
