With every strong bull market comes a few traders who predict the next crash. In fact, intense market crashes are normal after long bull runs. However, knowing exactly where prices are going is not very possible. Today, a crypto trader named ‘Profit Blue’ suggested that Bitcoin (BTC) will drop to $10,000.
The famous trader believes that Bitcoin will crash to $ 10,000!
Technically, if we look at Bitcoin’s daily chart, we can see that Bitcoin is slightly green for the day. But if we take last week’s performance, Bitcoin is down more than 9%. It looks like Bitcoin is moving along the average blue bullish line on the chart. This has formed an ascending triangle and Bitcoin is moving inside this zone, which is capped between $22,400 and $25,000. According to analysts, a lower breach than the previous one could cause the Bitcoin price to drop to $20,000.
BTC 1-day chart / Source: GoChartingA Twitter user and crypto trader using the pseudonym ProfitBlue shared a trading setup for Bitcoin. He believes that prices will drop to 10,000 once Bitcoin breaks the $22,400 price cap. The trader’s trade setup is as follows:
- Entry: $22,380
- Stop-Loss: $22,888
- Take Profit -1: $18,000
- Take Profit -2: $13,000
- Take Profit -3: $10,800
According to analysts, it is difficult to confirm that a BTC collapse will occur right now, especially when the BTC price is still inside the ascending triangle. There is still a possibility that Bitcoin will break out of the triangle higher and lead to higher crypto prices overall. However, in the first phase, if BTC breaks $22,400, a drop to 20,000 is possible.
BTC 12-hour chart / Source: GoCharting“Bitcoin bulls should be very careful with this level!”
As you follow on Kriptokoin.com, the leading crypto BTC price dropped more than 6% on March 3. A well-known crypto analyst shared his predictions for BTC along with the chart.
Source: Justin BennettAnalyst Justin Bennett states that Bitcoin bulls should watch the price of $23,130 for BTC closely. If the bulls fail to retake the critical price zone, the trader believes Bitcoin could experience another selling event. In this context, Bennett makes the following statement:
The key for the bulls is a monthly recovery above $23,130. The longer BTC trades below this area, the stronger it becomes as resistance. If the bitcoin bulls fail to reclaim $23,130, we could move towards the $20,800 liquidity pool. If they can reclaim $23,130, the next hurdle for buyers will be $23,800. However, for now, BTC is in a range between the January trendline of $21,900 and the monthly opening of $23,130.
BTC 4-hour chart / Source: TradingView
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