A top trader who nailed the floor price for Bitcoin (BTC) during the 2018 bear market believes that the crypto king is poised for a dip after rallying to a fresh 2023 high.
Pseudonymous analyst Bluntz tells his 223,100 Twitter followers that Bitcoin is likely to witness a corrective move following a five-wave rally that pushed BTC from below $25,000 to above $30,000.
The crypto strategist shares a chart suggesting that BTC could pull back to below $29,000 before resuming its ascent.
“This bull flag break unfolded perfectly and even pushed up into a fresh high marginally.
We can now see a five-wave rise on the four-hour chart so would not be surprised to see a bit of a pullback start here to trap all the late longers before the next proper leg higher.
Definitely not the spot to be FOMOing (fear of missing out) in now, in my opinion.
Meanwhile, fellow crypto analyst Pentoshi also thinks that a pullback to around $29,000 is within the realm of possibility.
In a bullish scenario, Pentoshi says that a daily close for BTC above $30,166 could send Bitcoin to $32,000. In a slightly bearish scenario, Pentoshi thinks that BTC could retrace to around $29,000 before rallying to $32,000.
“Locally a good spot to watch the BTC daily close on if we close back below the previous highs. Either way, I think we make it to $32,000.
$29,000 current support on low timeframe/mid timeframe.”
At time of writing, Bitcoin is trading for $30,620.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox