Crypto Analysts Project Bitcoin Correction Down To $30,000 Level
Two leading crypto analysts are warning traders that Bitcoin (BTC) looks to be headed towards a severe correction that could drag BTC price down to $30,000 levels.
Crypto analyst, known as Smart Contracter shared with his 205.5K followers on Twitter that he believes Bitcoin is setting a bull trap at $42,000 in the coming days, after which is will pull down to $29,000.
“BTC looking like redistribution here. I reckon we go sideways for probably another 10 days or so and then get a final capitulation washout. Then we long.”
#btc looking like redistribution here, i reckon we go sideways for probs another 10 days or so and then get a final capitulation washout, then we long pic.twitter.com/cNyaoXk86u
Another pseudonymous crypto expert, Altcoin Psycho shares Smart Contracter’s views. He believes that BTC is preparing for a liquidation event that flushes out excessive leverage, in a similar manner to what happened in June last year.
“If we can go below here ($32K), I’m going to go risk on pretty heavy. Now there’s a good chance that we could go much lower. There’s a good chance that that might not repeat in June of last year, but if there’s anywhere out of this current situation, out of this current scenario to bet big and to try to buy some blood in the markets, it would be around this level ($30K).”
Despite the analysts predicting a capitulation event, they also see that BTC will likely bottom out after the correction, and start ascending again.
