The world’s first cryptocurrency, bitcoin, has now reclaimed the $23,000 level and is moving strongly towards the $24,000 price level. All this happens when the US enters the recession phase and its GDP falls to -0.9%.
However, a popular crypto analyst believes that Bitcoin is about to form a pattern that will leave the crypto space with a negative impact.
The analyst, anonymously known as InMortal, informed his 174,000 Twitter fanbase that bitcoin had recently established a consolidation pattern, followed by the current surge and then a decline in the coming days.
According to analysts, this pattern has increased the burden on traders. So he says let’s wait and see what the market has to offer.
Analyst strategy to make profit here
The strategist leans forward patterns and claims that whenever there is a bearish trend the traders usually trade the opposite of the market condition. This happens because there is no demand at the moment.
The next InMortal comes to the point where the liquidation occurs and says bears dig into the liquidity zone during the market price and form a downside pattern, then there will be a short recovery rally.
Then they say that by this time, people will have entered FOMO to play their part before the big players arrive.
So, according to the expert, the first leg of this pattern is down but it is not the crucial part, the upside that comes from this point is where traders need to watch. This is because the analyst believes that this is where consolidation forms and this is where most traders enter FOMO.
Then there is a sell-off and if the pressure is too high there will soon be another low.