This Technical Pattern Suggests Bitcoin Will Plunge Over 30% in Coming Weeks

Bitcoin appears to be in a somewhat precarious position, as a few technical factors are currently suggesting that it may soon see some notable near-term downside. One such technical factor suggesting that the crypto is poised to see notable near-term downside can be seen while looking towards a fractal pattern it has been developing over the past few weeks. This fractal is similar to one formed in the summer of 2019 and signals that the crypto could soon see some notable losses. Specifically, one analyst is looking for a retrace towards its 0.50 Fibonacci level, which could result in a 30% decline against its USD trading pair. This decline would lead the benchmark digital asset towards $7,000. Other technical factors support this possibility, including an ongoing squeeze on BTC’s daily Bollinger Bands, which are currently at their tightest levels seen since October of 2018. Read More...

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