A closely followed crypto analyst says the leading cryptocurrency BTC and a metaverse coin could face a deep correction.
BTC and AXS prepare for massive selling pressure
Twitter analyst alias Jack examines price movements over the three-day timeframe of AXS as a harbinger of a major selling event, as suggested in his current technical analysis. Looking at the chart below, the analyst says:
If it drops 15.90 here, that could open the way for more than 50%. As a result of this, I will be able to measure the overall market mood. It’s hardly surprising that the most speculative assets in the cryptosphere are already in free fall at 75% [down]… It’s not a shock to me that something like this happens.
Looking at Jack’s AXS chart, it creates a massive head and shoulders pattern that is used by traders to look for negative reversals in the market. Axie Infinity (AXS) is currently trading at $46.97, down 2.45% in the last 24 hours. Bitcoin (BTC)
The analyst expects fluctuations in the range of 39-42 thousand dollars in the short term
There may be a short-term recovery for Bitcoin (BTC), but a crypto currency The expert expects it to soon return to its negative trend. Sharing the technical chart below, Jack shares the reactions he expects from the floor and ceiling prices of this range:
I can see it rising to $42,000, but if I am totally rejected or lose the [$39,000] level, I think it will drop quickly.
The analyst believes losing the $35,000 and $39,000 region will “weaken some bulls” and accelerate selling. At the time of writing, Bitcoin (BTC) is trading at $40,486.24, down 0.62% from the previous 24 hours. Popular crypto analyst Dave the Wave suggested that the price of Bitcoin (BTC) could first pull back to $20,000, then rise 229% above current price levels in a year, as we covered in the cryptokoin.com analysis. Based on this hypothesis, the analyst thinks that Bitcoin could reach $135,000 at the beginning or end of 2023. You can access the analysis here.
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