As you probably know by now, Bitcoin triggered massive excitement in the crypto space these days when it pushed its price towards $18,500.
Such a move was not seen for three years, and it’s also important to mention the fact that the other day, the king coin hit an ATH in market cap.
At the moment of writing this article, BTC is trading in the red, and the coin is priced at 17,607.03.
There were all kinds of predictions these days claiming that BTC will soon be hitting $20k.
Now, some analysts believe that we should get ready for a healthy correction.
BTC could see a significant correction
It’s been just revealed that top crypto analysts analyze the trajectory of Bitcoin after a BTC breakout that will definitely remain in history.
In a new video, veteran Wall Street trader Tone Vays says the momentum reversal indicator (MRI), which is a key indicator that predicts the end of a trend based on price momentum, is starting to flash sell signals.
“So Thursday, there will probably be an MRI top, and that would be interesting because Thursday we will probably have a daily MRI top inside a weekly MRI warning,” he said.
He continued and explained that “Now there’s still room to make it to a double MRI top and I will keep an eye on that, but Thursday might get me out. If we continue rising into $18,000 into Thursday, Friday, that becomes a great exit for me.”
This bearish stance comes after Bitcoin printed a historic breakout as we explained above.
The online publication the Daily Hodl noted that Singapore-based trading firm QCP Capital said that this is BTC’s “longest and most stable” rally in its history after a move of over 73% in just 73 days.
This BTC move is becoming the trendiest (longest & most stable) rally in BTC's history – 73 days and +73% now with only two 10% retracements along the way. Full market analysis here. https://t.co/xT8bhoc0tc
— QCP Capital (@QCPCapital) November 17, 2020
Trader Michaël van de Poppe is also bearish on BTC.
Seems a very likely case;
▫️ $BTC correcting 15-20% in a little bit, which puts altcoins down.
▫️ A few weeks of sideways of #Bitcoin, which makes altcoins rally by a significant portion as 'relief'.
▫️ Another final drop on $BTC.
▫️ Altseason January – March 2021.#CRYPTO
— Crypto Michaël (@CryptoMichNL) November 17, 2020