With every strong bull market come a few traders that predict the next crash. In fact, heavy market crashes after extended bullruns are normal. However, knowing where exactly prices are going is what’s being spewed in the market. Today, a Twitter user by the name of “Profit Blue” believes Bitcoin will crash to $10,000. Will this realize soon? Will Bitcoin crash 10k?
Bitcoin Analysis: Is Bitcoin UP Today?
Technically, if we look at the daily chart of Bitcoin, we can see that Bitcoin is slightly green for the day. However, if we take last week’s performance, Bitcoin is down by more than 9%. It seems that Bitcoin is moving along the average blue uptrend line in figure 1. This formed an ascending triangle and Bitcoin should move inside that zone which is delimited between $22,400 and $25,000. A breach lower than the former would bring Bitcoin prices sinking towards $20,000.
This Trader is Anticipating a Bitcoin crash to 10K
A Twitter user that goes by the username ProfitBlue, added a trade setup for Bitcoin. He believes that once Bitcoin breaches the $22,400 price mark lower, prices will fall towards 10K. Here’s his trade setup:
- Entry: $22,380
- Stop-Loss: $22,888
- Take-Profit #1: $18,000
- Take-Profit #2: $13,000
- Take-Profit #3: $10,800
Will Bitcoin Crash to 10K?
Well, it is hard to currently confirm that a Bitcoin crash will occur, especially when BTC price is still inside the ascending triangle. There’s still a chance that Bitcoin breaches the triangle higher, leading to higher crypto prices at an aggregate level. However, we can confirm that at the first stage, if Bitcoin breaches the $22,400 price lower, we can see a Bitcoin crash to 20K.
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