A popular crypto analyst says Bitcoin’s downside potential is shifting.
After two months of consolidation, Johnny Moe tells his 16,000 followers on Twitter that Bitcoin may still sink as low as $6,000 in its current market cycle.
“Update: Still anticipating return to the parabolic trend. Previously had ~$5,500 on this chart, assuming a quicker return to mean. Since we’ve consolidated sideways for about 2 months, downside is more like $6,000 now.”
Fellow analyst Crypto Cred tells his group of 139,000 Twitter followers that Bitcoin’s bold move well beyond $10,000 without hitting resistance may indicate Bitcoin just climbed out of a bear trap.
“$10,000 level that was broken support failed to provide resistance when retested. This is usually evidence of a trap (bearish continuation sellers on the S/R flip caught offside).
HTF directional bias favors upside, clearing $10,460s (intraday range high) would cement that.”