Bitcoin

Analyst Warns of Imminent Steep Fall of Bitcoin (BTC). See How Low It Could Drop

Cheds, a pseudonymous crypto analyst and trader, has sent a note warning to crypto traders and investors that Bitcoin (BTC), the largest crypto by market capitalization, could be 48 hours away from continuing its steep fall.

In a recent strategy session, the crypto analyst stated that Bitcoin (BTC) is still in a macro downtrend and its recent rally from the low of $17,600 will likely end soon.

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Cheds noted:

“I’m looking at the daily chart. [It] looks like a bear continuation. I can draw a bear pennant. I can draw a bear flag. I can draw a rising wedge. It just feels so far kind of a minor relief rally. Got the volume [downtrend], standard volume trend, which means this channel is like one to two days from being done. We are one to two days from [BTC] making a move.”

In a recent tweet, the analyst told his teeming followers that a break of Bitcoin’s bear pennant or rising wedge could make BTC drop to new 2022 lows.

“BTC observing spinning top at daily [exponential moving average] eight after relief rally. Structure could be viewed as a bear pennant or flag rising wedge with measured move in the low teens if the trend continues.”

In early June, Cheds shared a video where he said there is a strong case for Bitcoin to drop to around a $12,000 price level before bulls could take over.

At the time of filing this report, BTC is trading at $21,061, with a relatively 2% price downtrend in the last 24 hours.

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.