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The overall crypto market has turned bearish where Bitcoin is hardly holding up its trade above $21,500. This can create a sense of distress among traders and investors. While these market participants look forward to some positive trend, a well-known crypto analyst and trader is predicting more bearish days further.
In a new strategy video, the analyst known as Rekt informs his 45,500 YouTube subscribers that Bitcoin will continue its correction. This is because in the last two weeks, the flagship currency has failed to surpass its major resistance of $24,000 level.
Bitcoin To Form A Head And Shoulder Pattern
Hence, the analyst feels that currently it’s very difficult to predict if Bitcoin will regain its lost bullish momentum anytime soon. This is the reason he denies agreeing that the dip is over and presents a below chart.
Further the analyst is of the opinion that we could see Bitcoin testing around $21,000 which will see lower high structure. If Bitcoin drops around $21K, there will be a head and shoulders pattern formed. This is a technical pattern which indicates future trend reversal.
As per the above chart, if Bitcoin enters a breakdown from its head and shoulder pattern, the King currency might plunge around $18,000. At present, Bitcoin is priced at $21,578 after a fall of 1.40%
On the other hand, another crypto analyst at CryptoQuant, Grizzly analyzes Bitcoin’s 200-day moving average and claims that the currency might form a long-term bottom. The similar pattern was observed even during 2019, 2015 and 2012 where Bitcoin saw a long-term rising trend.
However, Bitcoin’s price action mostly depends on other factors like macroeconomic events which are currently pressurizing high risk assets like Bitcoin. If the macro events eases down, Bitcoin might see a bullish trend ahead.