Time To Exit Bitcoin? Crypto Analyst Predicts 75% Breakdown To $8,000
October 30 2023 - 8:00PM
NEWSBTC
Bitcoin has been on a winning streak for the better part of October
and the multiple surges since then have pushed the price above
$35,000 before correcting back downward. Even now, Bitcoin
continues to show strength but not everyone is convinced that this
winning streak will continue. One of these is a crypto analyst who
has maintained that the price of Bitcoin will be headed back
downward with an immense drop in price to crown the rally. Seeing
Bitcoin At $8,000 The crypto analyst who goes by holeyprofit first
posted their analysis of Bitcoin on TradingView on October 22,
right at the start of the uptrend. At this point, the Bitcoin price
was still hovering just around $30,000, and the analyst posited
that the price of asset would not be able to climb above $31,000.
Related Reading: Crypto Analyst Presents Uniswap’s UNI As The Next
Coin Primed For Breakout According to the analyst, the recovery
would make investors want to get in the market because they believe
the price of BTC would continue to go up. However, this would be a
bull trap and a consistent downward trend would follow quickly.
Following the Bitcoin breakout just a few days later, the analyst
updated the forecast but maintained that the price would return
back downward. An October 25 update from the analyst read: “If this
indeed going to be a reversal, the recent action would imply a very
strong one.” Source: Tradingview.com This sustained bearish
expectation from the analyst prompted short positions which seemed
to raised from $34,000 to $35,000. “Moved off the high a bit and so
far we have early structural failure of the uptrend,” the post
read. “Very possible we drop here and it’s just a pullback (Highly
likely even in a bull move this would retrace, which is why the
34/35K short seems a no brainer to try again.” Doubling Down On
Bearish BTC Stance The analysis from the crypto analyst had
received a lot of backlash from Bitcoin bulls but holeyprofit
remains unmoved in their resolution. Even after the BTC price
continued to rise, the analyst maintains that the crypto is headed
for the $8,000 level. Related Reading: Bitcoin Bull Market: Crypto
Spot Trading Volumes Climb To 8-Month Highs The most recent
iteration of the post points out that the crypto is actually at the
point where they expect it to start the downtrend. This region
around $34,700 failed to hold on Sunday and has since broken back
down into the $34,200 level. Holeyprofit addresses comments that
they were trading against the trend saying that they were actually
betting on the trend to hold. “This is where my models would
suggest would be the best time to exit bull trades or at the very
least trail stops to protect again a bear break,” the analyst said.
BTC rests above $34,500 | Source: BTCUSD on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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