CandleFocus Expert warns Bitcoin 'will witness the biggest crash in years' after bull trap
2024-11-03
Author: Content Editor
A cryptocurrency trading expert warns that Bitcoin might be heading for a major crash after failing to reclaim its previous record high. The expert points to a rare pattern of five consecutive red days, indicating a bearish reversal, and argues that a breakdown below $69,000 could lead to much lower levels, potentially testing $40,000. However, he also notes that there is still room for Bitcoin to recover, but expresses caution. Another analyst suggests a bearish sentiment based on the rejection at higher levels on the weekly chart. Despite the short-term correction, other technical indicators suggest Bitcoin still has possible upward momentum in both the short and long term. The market had anticipated further gains following a strong monthly close in October, with hopes of reaching the $100,000 record high. The outcome of the presidential election is seen as a potential catalyst for Bitcoin, with some believing a Donald Trump win could be bullish for the crypto sector. Bitcoin is currently trading at around $68,000.
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