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Bitcoin

Top Crypto Analysts Issue Bitcoin Warning, Predict Final Capitulation Event for BTC

A pair of carefully tracked crypto strategists are warning that Bitcoin (BTC) is gearing up for a extreme corrective occasion that might ship BTC near the $30,000 price space.

Pseudonymous crypto analyst Smart Contracter tells his 205,500 Twitter followers that he sees Bitcoin setting a bull entice at $42,000 within the coming days earlier than pulling again to $29,000.

“BTC looking like redistribution here. I reckon we go sideways for probably another 10 days or so and then get a final capitulation washout. Then we long.”

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Source: Smart Contracter/Twitter

Fellow crypto analyst Altcoin Psycho shares the identical bearish view.

In a brand new technique session, the crypto strategist says one of many issues that he’s trying for in BTC is a large liquidation occasion that flushes out extreme leverage within the market much like what occurred to Bitcoin in June 2021.

“If we can go below here [$32,000], I’m going to go risk on pretty heavy. Now there’s a good chance that we could go much lower. There’s a good chance that that might not repeat in June of last year, but if there’s anywhere out of this current situation, out of this current scenario to bet big and to try to buy some blood in the markets, it would be around this level [$30,000].”

While each merchants see one closing capitulation occasion, additionally they consider that Bitcoin will doubtless backside out after the correction.

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Featured Image: Shutterstock/INelson

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