While the cryptocurrency is still in an active position on the daily and weekly scale, one analyst is concerned about a stronger correction. He recently shared a fractal showing that the cryptocurrency could soon drop below $ 10,000, which is acting as a major support for the price at the moment.
Fractal further predicts that Bitcoin will continue to decline.
Bitcoin could soon drop below $ 10,000
A leading cryptocurrency analyst believes that Bitcoin will drop below $ 10,000 in the near future as it faces a key rejection at a high level – $ 11,000.
He shared the charts below on October 13, and noted that BTC’s recent price action looks similar to the highs established in 2019. Both periods had three lower highs. and similar market formation.
This fractal analysis predicts that if Bitcoin moves lower from here, then it is likely to mark the start of a steep correction, with a first target target of $ 10,500, then even even lower. If Fractal grows to a T, the top cryptocurrency will trade at an average of $ 9,000 by December of this year.
“I shorted at $ 11,900 in 2019. I shorted at $ 11,700 in 2020. Is it different this time? It feels like this will trigger a few comments on the timeline. ”
P.S If it does drop in the next month or two, see this as a good buying opportunity – it’s a probable scenario. On short orders, I closed 50% at 11,400 and left at $ 11,100.
Fundamental principles disagree
The fundamental trends disagree with the above point of view.
Analysts say that the United States moving towards a second stimulus bill will reduce the value of the US dollar, which will boost Bitcoin.
Discussions around the bill continue as both sides try to come to a conclusion about what the stimulus should include and how much it will cost.