- Bitcoin and the entire cryptocurrency market experienced a relatively quiet day after some immense turbulence yesterday
- The pressure to sell altcoins was strong, causing many to flash crashes of 20% or more
- Meanwhile, the price of Bitcoin remains stable and stable above $ 23,000 – roughly where it is currently trading
- A trader who has posted a fractal in the past that predicted the entire rally over the past few months is now offering investors a warning
- He notes that the same fractal predicts that crypto will see a sharp decline towards $ 17,500 in the near future
Bitcoin and the entire crypto market saw some relatively weak price movements this morning. BTC is stable as many altcoins try to bounce back from yesterday’s sell-off.
Selling pressure in the region of less than $ 24,000 remains a major hurdle for BTC as there has been a significant increase in selling pressure with every visit at this level.
This could coincide with a fractal pattern that had forecast the entire surge over the past few months, as it shows that there is room for an imminent correction towards $ 17,500.
Bitcoin is consolidating as market-wide momentum stalls
At the time of writing, Bitcoin is trading marginally at its current price of $ 23,300. Here has been trading in the last few days.
The pressure to sell between $ 24,000 and $ 24,200 has sparked multiple sell-offs, but each has lost intensity with each subsequent visit at this level.
If the bulls continue to protect themselves from an intense downtrend, it could mean a bullish period of consolidation that will ultimately allow the market to continue to move higher.
Fractal pattern means trouble for BTC
A trader recently stated in a tweet that Bitcoin could be on the verge of slumping towards $ 17,500 if a fractal he is observing plays off.
This fractal predicted the entire move out of the $ 10,000 region with precision, which could mean that that correction was indeed imminent.
“BTC: The roadmap I followed to the new ATH points to a correction towards 17.5K-18.5K before further upward moves are likely. Kick lightly. “
Image courtesy of Kaleo. Source: BTCUSD on TradingView.
The coming days will be crucial in understanding the outlook for the entire market as the solution to Bitcoin’s ongoing consolidation phase will shed some light on the trends in the new year.
Featured image from Unsplash. TradingView charts.