The majority of October saw Bitcoin on a winning streak, and the several increases that followed propelled the price past $35,000 before it started to decline again.
Although Bitcoin is still strong today, not everyone is certain that this trend will continue. Among them is a cryptocurrency specialist who has insisted that the price of Bitcoin will begin to decline again, with a sharp decline capping the upward trend.
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Observing a $8,000 Bitcoin
The cryptocurrency analyst holeyprofit initially shared their analysis of Bitcoin on TradingView on October 22, coinciding with the beginning of the upswing. The expert predicted that the asset’s price would not be able to rise over $31,000 at this moment, when the price of Bitcoin was still only slightly above $30,000.
Is It Time to Sell Bitcoin? Analyst Predicts 75% Decline to $8,000,Is It Time to Sell Bitcoin? Analyst Predicts 75% Decline to $8,000
The expert believes that investors will want to enter the market after the recovery because they think the price of bitcoin would keep rising. But this would be a bull trap, and there would be a sharp decline in price very soon.
A few days later, after the Bitcoin breakthrough, the expert revised the prediction but insisted that the price will eventually decline again. “If this indeed going to be a reversal, the recent action would imply a very strong one,” the analyst stated in an update dated October 25.
Due to the analyst’s persistently pessimistic outlook, short holdings seemed to increase from $34,000 to $35,000. The article stated that the upswing had “moved off the high a bit and we have early structural failure of the uptrend.” “It’s very possible that we’re just retracing after dropping here. Even in a bull market, this would probably happen, so it seems sense to try the 34/35K short again.”
Strengthening Your Bearish Bitcoin Position
Bulls who support Bitcoin have expressed strong opposition to the crypto analyst’s analysis, but holeyprofit has not changed its mind. The expert continues to believe that Bitcoin is going for the $8,000 mark, even after the price has risen.
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The cryptocurrency is really at the point where they anticipate it to start the decline, according to the most current version of the post. After failing to hold on Sunday, this area around $34,700 has subsequently fallen back into the $34,200 range.
In response to criticism that they were trading against the trend, Holeyprofit clarifies that they were really placing bets for the trend to continue. “Based on my models, this is the optimal time to exit bullish trades or make trail stops to safeguard a bear break once more,” the analyst stated.
Is It Time to Sell Bitcoin? Analyst Predicts 75% Decline to $8,000,Is It Time to Sell Bitcoin? Analyst Predicts 75% Decline to $8,000,Is It Time to Sell Bitcoin? Analyst Predicts 75% Decline to $8,000, Bitcoin Crypto news, Bitcoin News