Crypto Analyst Who Called Bitcoin Top and Crash Lays Out What’s Next For BTC
Late last year, a crypto trader and analyst, known as Cheds, accurately predicted Bitcoin top around $64K for the second time, and the following correction all the way down to the $40K level.
Now, Cheds’ followers are eager to see, if the rest of his prediction holds.
In October, the analyst shared with his 206K followers on Twitter that there was a strong possibility that a Bitcoin futures exchange-traded fund (ETF) would launch. He also predicted that this event would trigger a BTC rally, but that it would top out somewhere around $64K and then correcting down to $40K.
“In my opinion, if true, [BTC is going to] rip to $64k or just above and then reject because this move is already baked in. Then dump to $40-$42k level.
Scare new retail then continue up.”
IMO if true, rip to 64k or just above and then reject because this move is already baked in. Then dump to 40-42k level
The first two parts of the prediction have taken place accordingly, while the third part has yet to happen. According to Cheds prediction, after Bitcoin crashes to the $40K level – where it currently is – an ascending triangle would form.
Ascending triangle is a bullish formation that usually indicates that an asset is about to breakout to the upside once validated. According to Cheds the ascending triangle that just formed has put a target into the six figures for Bitcoin.
“Then ascending triangle would form and the measured move would be roughly 100 K.”
According to the trader, his thesis is still valid, but a convincing move below the $40K level would place it in “serious jeopardy.” In a video, the Cheds says that the $40,000 range is the last stand for Bitcoin bulls.
“After it rejected, were watching for bulls to define that higher low, and initially we were looking at $52,000-$53,000, that failed. We had that inverted head and shoulders continuation fail on the 4-hour timeframe. We covered all that. The question is here, where’s that rising demand? The last legitimate thesis for a bull here is at $40,000. That’s always been kind of the nut low, the level where it’s so low that it’s a really good discount but it’s not so low that it will break the chart. Below this level will break the chart.”
