A crypto analyst known for his successful predictions tells readers in his latest market update that as Bitcoin price action rises or falls, it will be time to “pull the trigger” with liquidity. As Cryptokoin.com, as we mentioned in our previous news, the analyst named Filbfilb made accurate predictions for Bitcoin.
Bitcoin analyst: Bigger wave coming
Bitcoin is a decreasing wedge volatility ebb on lower timeframes. It’s been making lower highs and higher lows throughout this week. A situation like this can’t last forever, and for crypto analyst Filbfilb, it’s just days away. The analyst comments:
When the time comes, which is fast approaching, we are ready to pull the trigger in either direction. We are a bit uncertain about the outcome at the moment due to the current environment, but we look forward to a more sustainable move.
Filbfilb still forecasts potential lower lows over the weekend. Specifically, it predicts a return below $40,000 to support around $37,500. “The bigger wave is coming. I think we will see some action next week,” said the analyst, sharing the following:
Each and every one of the last three weekends has seen Bitcoin enter the demand area. But next week the pump is weaker. So I don’t think it’s unreasonable to expect something similar again this week. The price is currently supported by the 50 DMA, but as I mentioned earlier we should see weekly closes above it.
The macro picture mimics the decades-old conundrum
Meanwhile, concerns that a macro trigger could put more significant pressure on Bitcoin are by no means confined to the trading circles. According to analysts, there is a widespread perception that there could be significant downside volatility in the upcoming medium-term range. Analysts argue that Bitcoin could still top out next to gold, but the process will likely be painful. Filbfilb likewise alludes to the setup showing its forward colours, saying:
Price action shows some strength for Bitcoin alongside negative funding and overall negative sentiment. But rate hikes and planned tightening by the Fed will continue to cause as yet unrecognized liquidity problems for BTC, at least in the short term. This is something that will probably take some time to play out for major players and individual investors/traders facing less liquidity as well as a squeeze on their disposable income. Something not seen in decades.
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