Bitcoin’s short-term outlook continues to appear negative as volatility mounts in the general crypto market. Over the past few days, the digital asset has dropped as high as 11% since reaching a new all-time high, triggering speculation within the community about an extended price correction to previous support levels.

Is Bitcoin Due For A Prolonged Price Pullback?

The recent bearish performance of Bitcoin may extend significantly in the upcoming days. Crypto expert and Market Sniper trading bot creator Jesse Olsen has highlighted past patterns suggesting that BTC might be on the verge of a huge price pullback.

According to the market expert, Bitcoin could drop as much as 30% in the following days. Drawing parallels to past cycle trends, Jesse Olsen highlights that these kinds of corrections are typically during significant uptrends.

Specifically, Olsen foresees a notable pullback as Bitcoin undergoes a bearish crossover on the Moving Average Convergence Divergence (MACD) indicator. This is because Bitcoin’s price experienced at least a 30% correction the last 3 times the MACD indicator had a bearish crossover on the 3-day chart at high levels.

As price fluctuates, the analyst has pointed to four key levels to watch out for, such as $92,000, $85,000, $80,000, and $70,000, once BTC’s downtrend extends. Should BTC hit 4 out of 4 targets, this implies that the crypto asset could drop to the $70,000 range.

Go to Source to See Full Article
Author: Godspower Owie