A popular crypto analyst is predicting a big jump in Bitcoin’s price. He says Bitcoin is showing a pattern that led to a huge price surge in the past.
Bitcoin’s Recent Losses Could Be a Good Thing
The analyst says Bitcoin owners who bought recently have lost some money, but this could be a good sign. He says this kind of price dip happened before Bitcoin went on a big rally. In fact, the last two times Bitcoin saw similar losses, it went up by 104% and 193%!
Bitcoin Breaking Out of a Pattern
Bitcoin is now trading above $60,000, and the analyst says this means it’s broken out of a technical pattern. This pattern suggests Bitcoin is ready to go higher.
Possible Pullback Before Big Jump
However, the analyst warns that Bitcoin might drop back down a little before going up. He says it could dip back to $59,200 before heading towards $63,800.
Billions in Short Positions Could Fuel the Rally
The analyst also points out that there’s a lot of money betting against Bitcoin. If Bitcoin goes up, these bets will be forced to close, which could push the price even higher. He says if Bitcoin hits $72,300, billions of dollars worth of these bets will be liquidated.
Bitcoin is currently trading at $62,982, up over 4% today.
Important Note:
This is just one analyst’s opinion. Always do your own research before investing in cryptocurrencies. /p>
